Small Cap Value Report (Wed 19 July 2023) - WJG, RTN, FIF

Good morning from Paul amp; Graham!

News today from the ONS that UK inflation has dropped a little more than expected, but is still way too high of course. Here are the main points (with thanks to the ONS) - 

The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 7.3% in the 12 months to June 2023, down from 7.9% in May.On a monthly basis, CPIH rose by 0.2% in June 2023, compared with a rise of 0.7% in June 2022.The Consumer Prices Index (CPI) rose by 7.9% in the 12 months to June 2023, down from 8.7% in May.On a monthly basis, CPI rose by 0.1% in June 2023, compared with a rise of 0.8% in June 2022.Falling prices for motor fuel led to the largest downward contribution to the monthly change in CPIH and CPI annual rates, while food prices rose in June 2023 but by less than in June 2022, also leading to an easing in the rates.There were no large offsetting upward contributions to the change in the rate.Core CPIH (excluding energy, food, alcohol and tobacco) rose by 6.4% in the 12 months to June 2023, down from 6.5% in May, which was the...