The UK’s Consumer Price Index (CPI), which measures inflation, rose by 2.6% in May, according to data released by the Office for National Statistics (ONS) on Wednesday morning, July 22. This represents a slowdown from April’s 2.8% and falls short of expectations of 2.7% growth. On a monthly basis, the CPI rose by 0.1% in May, following a 0.3% increase in April.

The core CPI, which excludes food, energy, alcohol, and tobacco prices, remained unchanged at 2.6% in June, the same as in May (expectations were for 2.5%).