UK CPI stagnates in May, misses expectations

The UK consumer prices failed to pick up and held steady in the fifth month of the year, coming in lower than market forecasts, the Office for National Statistics (ONS) revealed on Tuesday.

On annualised basis, the UK inflation figures remained unchanged at 0.3% in May, with the core inflation also staying steady at 1.2%.

The steady CPI data released today can be mainly attributed to a very slight rise in the prices of both petrol and diesel higher this year compared to the same month a year ago.