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Financial News: UK Inflation Accelerates More Than Expected In June

UK Inflation Accelerates More Than Expected In June

07/14/2021 - 02:47:00 (RTTNews)

(RTTNews) - UK consumer prices accelerated more-than-expected in June, data from the Office for National Statistics showed on Wednesday.

Inflation rose to 2.5 percent in June from 2.1 percent in May. The rate was forecast to climb to 2.2 percent.

The annual growth was largely driven by prices of food, second-hand cars and clothing and footwear.

On a monthly basis, consumer prices gained 0.5 percent, following a 0.6 percent rise in May. The expected rate was 0.2 percent.

Core inflation, that excludes energy, food, alcoholic beverages and tobacco, advanced to 2.3 percent in June from 2 percent in May.

Another report from the ONS showed that output price inflation eased marginally to 4.3 percent in June from 4.4 percent in May, while economists had forecast the rate to climb to 4.8 percent.

On month, output price inflation halved to 0.4 percent from 0.8 percent. The expected rate was 0.6 percent.

At the same time, input price inflation slowed to 9.1 percent from 10.4 percent a month ago. Inflation was forecast to advance to 10.8 percent.

Month-on-month, input prices fell 0.1 percent, in contrast to a 1.2 percent rise in May. Economists had forecast prices to rise again by 1.2 percent.

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