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Financial News: UK Inflation Steady At 2% In June

UK Inflation Steady At 2% In June

07/17/2019 - 05:15:00 (RTTNews)

(RTTNews) - UK consumer price inflation remained stable in June, data from the Office for National Statistics showed Wednesday.

Consumer prices increased 2 percent year-on-year in June, the same pace of growth as seen in May and in line with expectations.

Consumer prices including owner occupiers' housing costs also logged a steady growth of 1.9 percent in June.

At the same time, core inflation accelerated to 1.8 percent in June from 1.7 percent a month ago.

Another report from the ONS showed that factory gate inflation eased to the lowest since September 2016. Output prices climbed 1.6 percent annually, following a 1.9 percent rise in May.

Month-on-month, output prices fell 0.1 percent in June, which was the first negative change since December 2018. Economists had forecast prices to gain 0.1 percent after rising 0.3 percent in May.

At the same time, input prices declined for the first time since June 2016 driven by weaker crude prices. Input prices fell 0.3 percent on year after climbing 1.4 percent in May. Prices were expected to rise 0.3 percent.

On a monthly basis, input prices declined 1.4 percent after staying flat in May. Economists had forecast a 0.5 percent drop.

In a separate communique, the ONS said average house prices increased 1.2 percent on year in May, slower than the 1.5 percent increase in April.

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