UK CPI slowed further to 0.5% yoy in May, down from 0.8% yoy, matched expectations. That’s the lowest level since 2016. Nearly all categories of prices contributed to the decline in CPI, except food and non-alcoholic beverages. Core CPI dropped to 1.2% yoy, down from 1.4% yoy, matched expectations too.
Also released, RPI slowed to 1.0% yoy in May, down from 1.5% yoy, missed expectation of 1.3% yoy. PPI input came in at 0.3% mom, -10.0% yoy, versus expectation of -4.0% mom, -8.7% yoy. PPI output was at -0.3% mom, -1.4% yoy, versus expectation of -0.1% mom, -0.9% yoy. PPI output core was at 0.0% mom, 0.6% yoy versus expectation of 0.1% mom, 0.7% yoy.
