UK June CPI steadies at 2.4% y/y, core CPI drops to 1.9% y/y

The UK Consumer Prices Index (CPI) 12-month rate came in at 2.4% in June, unchanged from May’s reading and against 2.6% anticipated, the UK Office for National Statistics (ONS) reported on Wednesday. 

Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at 1.9% y/y, down from 2.1% booked in May while surprising the markets to the downside.

The monthly figures showed that the UK consumer prices decelerated to 0.0% in June versus 0.4% previous, missing 0.2% expectations.