UK May CPI +0.3% vs +0.3% m/m expected

Author: Justin Low | Category: News

Latest data released by ONS - 19 June 2019

  • Prior +0.6%
  • CPI +2.0% vs +2.0% y/y expected
  • Prior +2.1%
  • Core CPI +1.7% vs +1.6% y/y expected
  • Prior +1.8%
Despite a drop in air fares following the April boost due to Easter, overall inflation remains generally steady with only a slight dip seen in the annual headline and core readings. This is one area in the UK economy which has continued to hold up in light of all the recent negativity due to Brexit uncertainty.

The CPI figures are more or less in-line with estimates so they're not anything to shout about. The pound has gained slightly from the report but I don't expect price to run away just based on this alone. If it surprisingly does, I'll once again advocate to look to fade the move.

Some other details on the day as producer price and retail price figures are released:

  • PPI output +0.3% vs +0.2% m/m expected
  • PPI output +1.8% vs +1.7% y/y expected
  • PPI input 0.0% vs +1.2% m/m expected
  • PPI input +1.3% vs +0.8% y/y expected
  • RPI +0.3% vs +0.2% m/m expected
  • RPI +3.0% vs +2.9% y/y expected
  • April HPI +1.4% vs +1.3% y/y expected
  • Prior +1.4%; revised to +1.6%

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