UK May CPI, Up 9.1% YoY... Highest in 40 Years
PPI Shows Higher Increase Than Market Expectations
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[Asia Economy Reporter Yu Je-hoon] The UK's Office for National Statistics (ONS) announced on the 21st (local time) that the Consumer Price Index (CPI) in the UK increased by 9.1% year-on-year last month. This level meets market expectations.
Previously, the UK's CPI in April also recorded a 9.0% increase compared to the previous year. As a result, the UK has recorded the highest inflation rate in about 40 years for two consecutive months since 1982.
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Meanwhile, on the same day, the ONS also released the Producer Price Index (PPI) for last month. The output sector PPI rose 15.7% year-on-year, while the input sector PPI increased by 22.1%. Both output and input sector PPIs exceeded market expectations.
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