The UK’s Consumer Price Index (CPI), which measures inflation, rose by 2.8% in April, according to data released by the Office for National Statistics (ONS) on Wednesday morning, June 17. This figure matched April’s reading but fell short of expectations of a 3% increase. On a monthly basis, the CPI rose by 0.2% in May, unchanged from the previous month.

The core CPI, which excludes food, energy, alcohol, and tobacco prices, rose to 2.6% in May from 2.5% in April (the forecast was 2.7%).

The increase in the index in May was driven by a rise in prices in the transport sector, which jumped 6.8% year-on-year after a 4.5% increase in April. This was the highest reading since December 2022, with airfares soaring by 10.3%. Conversely, the food and non-alcoholic beverages price index slowed to 2.2% from 3.0%, and alcohol and tobacco prices also slowed to 2.4% from 2.8%.