UK CPI eases to 2.0% y/y in May, meets estimates (GBP rises further)


The UK Consumer Prices Index (CPI) 12-month rate came in at 2.0% in May, when compared to 2.1% booked in April while coming in line with expectations of a 2.0% print, the UK Office for National Statistics (ONS) reported on Wednesday. 

Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at 1.7% y/y versus 1.8% booked in April while matching the consensus forecast of 1.7%.

The monthly figures showed that the UK consumer prices eased to 0.3% in May, meeting 0.3% expectations and 0.6% last.

Main Points (via ONS):

“Falling fares for transport services, particularly air fares influenced by the timing of Easter in April, and falling car prices produced the largest downward contributions to the change in the rate between April and May 2019.

Partially offsetting upward contributions came from rising prices for a range of games, toys and hobbies, furniture and furnishings, and accommodation services.”

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