The Consumer Price Index (CPI), a measure of UK inflation, rose to 3.4% year-on-year in May, according to data released by the Office for National Statistics (ONS) this morning, Wednesday, June 18. This figure follows an 18-month high of 3.5% in April, matching market expectations.
On a monthly basis, the CPI rose 0.2% in May, compared to a 0.3% increase in May 2024.
The core CPI, which excludes food, energy, alcohol, and tobacco prices, rose to 3.5% in May from 3.8%, matching analysts’ expectations.
The largest decline in inflation in May came from the housing and transport sectors, while the largest increase came from food, furniture, and household goods.