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Financial News: UK Inflation Eases To 4-Year Low

UK Inflation Eases To 4-Year Low

06/17/2020 - 02:35:00 (RTTNews)

(RTTNews) - UK inflation eased to a four-year low in May, the Office for National Statistics showed Wednesday.

Consumer price inflation eased to 0.5 percent in May, as expected, from 0.8 percent in April. This was the lowest since June 2016, when a similar 0.5 percent was reported.

On a monthly basis, consumer prices remained unchanged after easing 0.2 percent in April. Prices were expected to drop 0.1 percent.

Core inflation slowed to 1.2 percent from 1.4 percent in April. The expected rate was 1.3 percent.

The consumer prices index including owner occupiers' housing costs grew 0.7 percent annually in May, down from 0.9 percent in April.

Another report from ONS showed that output prices fell 1.4 percent annually in May compared to a 0.7 percent decrease in April. This was the second consecutive month of negative change.

Output prices logged a monthly decrease of 0.3 percent, following a 0.8 percent fall in April.

At the same time, input prices fell 10.0 percent from last year in May, up from negative 10.2 percent in April. This was the fourth consecutive month that the rate has been negative.

Month-on-month, consumer prices advanced 0.3 percent in contrast to a record 5.5 percent fall in April. This was the first time the monthly rate has been positive since January.

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