– Cable Slides As Core UK Inflation Unexpectedly Soars To 31 Year High:
UK inflation printed hotter than expected for the 4th straight month in May, with headline CPI up 8.7% YoY (well above the 8.4% exp), and core inflation, excluding food and energy, soaring unexpectedly to a 31-year high of 7.1%…
In the detail of the figures, price rises again easily offset price cuts with significant increases in the cost of air fares, package holidays, live music events, games and toys. These were partially offset by falling prices for petrol and diesel.
Food price inflation dipped from 19 per cent in April to 18.3 per cent in May, but the cost of food itself in supermarkets still rose 0.9 per cent in the month of May alone.
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