United Kingdom Inflation

United Kingdom

United Kingdom: Annual consumer prices pick up in May

June 16, 2015

In May, consumer prices rose 0.2% over the previous month, which matched April’s result. The figure reflected higher prices for transportation as well as for food and motor fuels.

Consumer prices rose 0.1% over the same month last year, which contrasted the 0.1% drop seen in April. April’s result had marked the first annual fall in consumer prices since 1960. May’s increase met market expectations. Annual average inflation inched down from 0.9% in April to 0.8% in May, the lowest level on record.

In its latest inflation report from February, the Bank of England projected that inflation will average 0.2% in 2015 and 1.5% in 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 0.4% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, the panel forecasts that inflation will average 1.6%.

Author:, Senior Economist

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United Kingdom Inflation Chart

United Kingdom Inflation May 2015

Note: Annual and monthly variation of consumer price index in %.
Source: Office for National Statistics (ONS) and FocusEconomics calculations.

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