UK Inflation Figures Soften
The UK’s National Statistics Office has been very busy this morning releasing a series of inflation data across all sectors of the British economy. In general there was a mild scaling back of price growth during the month of May. That is with the exception of House Prices which continue to power ahead, the DCLG House Price Index is now reading at 9.9%, up from 8.0% in April.
Headlining the release today was the Consumer Price Index (CPI) this is now showing 1.5% growth year on year, down from last month’s 1.8% reading and even below market expectations for 1.7%. Month on month this metric contracted by -0.1% compared to an April expansion of 0.4% and an expectation for 0.2% growth. The Core CPI number has come in at 1.6% year on year, a fall from April’s 2.0% and a miss of the consensus estimate of 1.7%.
The Retail Price Index (RPI) has also fallen back on the month. Year on year for May this is now showing 2.4% compared to 2.5% seen in April, markets had expected this 2.5% value to hold. Month on month the RPI is at 0.1% growth in comparison to 0.4% the previous month and a consensus estimate for 0.2%.
On the industrial side the Producer Price Index (PPI) has come in quite mixed, the year on year Input figure is now 5.0% which is significantly ahead of the -5.3% contraction experienced in April, markets were surprised by this as they had been expecting a further contraction of -4.1%. Month on month this figure is reading at 0.9% growth, this is in keeping with the April level. PPI Output however has fallen back slightly, year on year this is currently at 0.5% compared to 0.6% the prior month, this is in contrast to the markets expectation for a rise of 0.7% on the month. Month on month this figure contracted by -0.1% compared to a 0.1% expansion in April.
Sorry. No data so far.