United Kingdom Inflation

United Kingdom

Inflation edges up in May

In May, consumer prices added 0.2% over the previous month, which mirrored the result observed in April but overshot market expectations of a more moderate 0.1% rise. The reading mainly reflects higher prices for transport as well as for clothing and footwear.

As a result of the monthly price rise, annual headline inflation ticked up from 2.4% in April to 2.7% in May. Annual average inflation, however, remained stable at 2.6% in May.

In its latest inflation report from May, the Bank of England projects inflation to average 2.9% this year, before moderating to 2.5% in 2014. FocusEconomics Consensus Forecast panellists expect inflation to average 2.8% in 2013, which is unchanged from last month's forecast. For next year, the panel forecasts inflation to average 2.4%.


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United Kingdom Inflation Chart

United Kingdom Inflation May 2013

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Office for National Statistics (ONS).

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