UK CPI steadies at 2.0% y/y in June, meets estimates (GBP unmoved)

The UK Consumer Prices Index (CPI) 12-month rate came in at 2.0% in June, when compared to 2.0% booked in May while coming in line with expectations o  |  17/07/2019 08:31

The UK Consumer Prices Index (CPI) 12-month rate came in at 2.0% in June, when compared to 2.0% booked in May while coming in line with expectations of a 2.0% print, the UK Office for National Statistics (ONS) reported on Wednesday. 

Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at 1.8% y/y versus 1.7% booked in May while matching the consensus forecast of 1.8%.

The monthly figures showed that the UK consumer prices arrived at 0.0% in June, meeting 0.0% expectations and 0.3% last.

Main Points (via ONS):

“The largest downward contributions to change in the 12-month rate between May and June 2019 came from motor fuels, accommodation services and electricity, gas and other fuels, with prices in each category falling between May and June 2019 compared with price rises between the same two months a year ago.

The largest offsetting upward contributions to change came from clothing and food.”

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