UK May CPI +2.1% vs +1.8% y/y expected
Latest data released by ONS - 16 June 2021
- Prior +1.5%
- Core CPI +2.0% vs +1.5% y/y expected
- Prior +1.3%
Those are hot numbers, particularly the core reading, and it continues to push the narrative of rising price pressures in general. The BOE may have some answering to do as this will surely put pressure on policymakers to perhaps reassess their current idleness.
There's still a myriad of factors at play here though with base effects being the obvious ones but higher producer prices, arising from supply constraints, is another one as well.
ONS continues to warn of the former in the latest report today too.
Some other details on the day as producer price and retail price figures are released:
- PPI output +0.5% vs +0.4% m/m expected
- PPI output +4.5% vs +4.5% y/y expected
- PPI input +1.1% vs +1.0% m/m expected
- PPI input +10.7% vs +10.6% y/y expected
- RPI +0.3% vs +0.3% m/m expected
- RPI +3.3% vs +3.3% y/y expected