United Kingdom Inflation May 2019

United Kingdom

United Kingdom: Inflation dips in May

June 19, 2019

Consumer prices rose 0.3% in May over the previous month, down from April’s 0.6% rise. May’s reading was underpinned by higher prices for furniture, household equipment and maintenance; and clothing and footwear.

Inflation decreased from 2.1% to 2.0%, hitting the Bank of England’s (BoE) target. Core inflation—which excludes food and energy costs—fell from 1.8% to 1.7%.

Muted price pressures should continue to give the Central Bank room to hold rates in the near-term to support the economy, amid a fraught political panorama and frail economic momentum in the Euro area.

UK Inflation Forecast

The Bank of England revised down its inflation projections in its May inflation report, and now sees inflation at 1.6% in Q4 2019 and 2.0% in Q4 2020. FocusEconomics Consensus Forecast panelists expect inflation to average 1.9% in 2019 and 2.0% in 2020.

Author:, Economist

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United Kingdom Inflation Chart

United Kingdom Inflation May 2019

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

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