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UK Inflation at its highest in five years

GBPUSD News by Newsroom on 04:59 June 13, 2017 EST
The UK consumer prices ticked up in May to an annualized 2.9% up 0.2% from April, the Office for National Statistics (ONS) revealed on Tuesday.

Core inflation also accelerated in May and sits now at +2.6 y/y. Analysts expected it to remain unchanged at +2.4%.

Prices were higher by 0.3% on a monthly basis, slightly higher than the 0.2% expected.

“Rising prices for recreational and cultural goods and services (particularly games, toys and hobbies) was the main contributor to the increase in the rate. There were smaller upward contributions from increased electricity and food prices.” the ONS noted.