UK inflation slowed in May

UK inflation slowed in May. According to the monthly report by the Office for National Statistics (ONS), consumer prices rose by 0.2% on a monthly basis, in line with analysts’ estimates but down from the 1.2% increase recorded in the previous month.

Core inflation, which excludes more volatile components such as food and energy, rose by 0.2% month-on-month, following a 1.4% increase in April and matching market expectations. On an annual basis, core inflation stood at 3.5%, in line with market forecasts and down from 3.8% in the previous month.