UK inflation came in hotter than expected in June. Headline CPI accelerated from 3.4% yoy to 3.6% yoy, above consensus of 3.4%. Core CPI (excluding energy, food, alcohol, and tobacco)also surprised to the upside, rising from 3.5% to 3.7%, versus expectation of 3.5% yoy.
Goods inflation picked up from 2.0% yoy to 2.4%, its highest since October 2023. Services inflation remained stubbornly high, unchanged at 4.7% yoy.
On a monthly basis, CPI rose 0.3%, adding to signs that disinflationary progress may be stalling.
also surprised to the upside, rising from 3.5% to 3.7%, versus expectation of 3.5% yoy.){kind=link}