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After a rather busy week last week, the markets take a breather as data over the week will focus on inflation and GDP numbers.

The UK’s inflation data is due this week on Tuesday and the data comes following last week’s BoE decision to keep interest rates unchanged.

New Zealand will be releasing its inflation expectations on Tuesday while on Wednesday the U.S. CPI data and retail sales will be coming out.

Australia’s monthly employment figures are on the tap this week while the retail sales figures from the UK will be coming out on Friday.

UK inflation expected to fall for a second month

The UK’s inflation report is due on Tuesday and the data is expected to show that consumer prices might have eased for the second month after the Bank of England hiked rates in November last year.

Consumer prices in the UK had peaked to 3.1% in November, the same month when the Bank of England hiked interest rates by 25 basis points.

Following the rate hike in November, consumer prices grew at a slower pace of 3.0% in December.

The latest forecasts show that headline inflation could rise only 2.9%. Core CPI which excludes the food and energy components is forecast to rise 2.6%, advancing from 2.5% previously.

This could potentially bring a mixed data on the consumer prices.

Last week, the BoE held interest rates steady but signaled that rates could rise sooner than it had previously expected.

The UK’s inflation is forecast to average around 2.5% by August this year and could fall even further.

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