UBS On-Air: Paul Donovan Daily Audio 'Let them not eat cake'

UK inflation data slowed more slowly than had been expected. Food prices are rising at an astonishing 19.2% y/y (cake prices are partly to blame, it seems). This inflation has little to do with farmers, and as profit-led inflation, this is likely to be an increasing political focus. French finance minister Le Maire made strong comments on profit-led food price increases yesterday. UK consumer durable goods disinflation and energy price disinflation continues.