UK inflation eases to three-month low in June
Consumer prices advanced 2.6% year-on-year in June, following a 2.9% rise in May. Inflation was expected to remain unchanged at 2.9%.
Core inflation that excludes energy, food, alcoholic beverages and tobacco slowed to 2.4% from 2.6% a month ago.
The consumer prices index including owner occupiers' housing costs climbed 2.6% in June versus 2.7% in May.
Month-on-month, overall consumer prices remained flat, while economists expected a 0.2% gain.
Another report from the ONS showed that output price inflation fell more-than-expected to 3.3% annually from 3.6% in May. The expected rate was 3.4%. This was the slowest rate since December 2016.
At the same time, input price inflation came in at 9.9% compared to 12.1% a month ago. However, it was faster than the 9.3% forecast.
June's 9.9% increase was the slowest the rate has grown since September 2016 when it was 7.6%.
On a monthly basis, output prices remained unchanged and input prices slid 0.4%. ■