UK CPI surged to 2.5% yoy in June, up from 2.1% yoy, above expectation of 2.2% yoy. That’s also the highest reading since August 2018. Core CPI also rose to 2.3% yoy, up from 2.0% yoy, above expectation of 2.0% yoy. RPI rose to 3.9% yoy, up from 3.3% yoy, above expectation of 3.4% yoy.
Also released, PPI input came in at -0.1% mom, 9.1% yoy in June, versus expectation of 1.2% mom, 10.8% yoy. PPI output was at 0.4% mom, 0.6% yoy, versus expectation of 4.3% mom, 4.8% yoy. PPI core output was at 0.3% mom, 2.7% yoy, versus expectation of 0.3% mom, 3.2% yoy.
