UK Core CPI (Aug MM) 0.3% vs. Exp. 0.3% (Prev. 0.2%)

What has historically mattered more for the Bank of England reaction function is the services component and the month-on-month run rate rather than the annual figure, since officials have repeatedly framed persistence in services as the binding constraint on easing. The step-up from the prior month's pace keeps that question alive even with the headline matching expectations, and attention shifts to how the detail reads against the MPC's own projections. The follow-ons are the services breakdown, any wage data landing before the next meeting, and the tone of MPC commentary in the interim. Sterling and short sterling futures have in comparable episodes faded an initial in-line reaction within the session unless the sub-components broke from trend.