UK CPI steadies at 2.4% y/y in May, misses estimates

The UK Consumer Prices Index (CPI) 12-month rate came in at 2.4% in May, unchanged from April’s reading and against 2.5% anticipated, the UK Office for National Statistics (ONS) reported this Wednesday. 

Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at 2.1% y/y, same as that seen in the previous month while meeting the consensus forecast. 

The monthly figures showed that the UK consumer prices steadied 0.4% in May, matching 0.4% expectations.