An inflating market



UK inflation still has the ability to shock. An unexpectedly large fall in the retail price index (RPI), announced in August, caught many dealers in the City of London by surprise. From 4.4% in June, the Office for National Statistics reported UK RPI had dropped to 3.8% by July. Analysts had been predicting the figure would come in at 4.3%.

Despite this lower-than-anticipated rate, the market for inflation protection remains buoyant. Dealers estimate swap market activity during the year so far at

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