United Kingdom: Inflation unchanged in May
Consumer prices rose 0.4% in May over the previous month, matching April’s figure. May’s reading was driven in part by higher prices for transport, furniture, household equipment and maintenance and alcoholic beverages and tobacco.
Inflation was unchanged at 2.4% in May, the joint-lowest level in over a year and once more surprising analysts, who had expected an uptick to 2.5% on the back of higher fuel prices. As a result, inflation remained above the BoE’s 2.0% target. Meanwhile, annual average inflation remained steady from a month earlier at 2.8%.