UK consumer price inflation remains unchanged at 0.3% year-on-year in May
The Office for National Statistics (ONS) released the consumer price inflation data for the U.K. on Tuesday. The U.K. consumer price index remained unchanged at 0.3% year-on-year in May. Analysts had expected to rise to 0.4%.
The increase was mainly driven by rises in transport costs, restaurant and hotel bills and the price of telecommunication services.
On a monthly basis, U.K. consumer prices increased 0.2% in May, missing expectations for a 0.3% gain, after a 0.1% rise in April.
Consumer price inflation excluding food, energy, alcohol and tobacco prices remained unchanged at 1.2% year-on-year in May, missing expectations for an increase to 1.3%.
The Retail Prices Index increased to 1.4% year-on-year in May from 1.3% in April, in line with expectations.
The consumer price inflation is below the Bank of England's 2% target.