I had the data and its implications posted up yesterday as it hit:

That largest drop in UK food prices in 5 years reverberated on Tuesday, UK and US time:

  • keep the prospect of a December Bank of England rate cut on the table ... not locked in for sure, but markets are pricing around a 65% probability now
  • there is room for further dovish repricing, which will conitnue to act as a headwind for GBP