Moreover, in May, consumer prices rose by 0.3% month-on-month, following a 0.3% increase in April. Economists expected consumer prices to increase by 0.4%.
According to the Office for National Statistics, several key trends emerged:
The Consumer Prices Index, including owner-occupier housing costs (CPIH), increased by 2.8% in 12 months to May (April: +3.0%).
- Food prices had the most marked downward contribution.
- The annual inflation rate for food and non-alcoholic beverages declined from 2.9% to 1.7%.
- The largest upward contribution came from motor fuels.
- Prices for transport were up 0.3% compared with May 2023 (April: -0.1%).
- The Core CPIH (excluding energy, food, alcohol, and tobacco) rose by 4.2% in 12 months to May 2024 (April:…
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