UK Inflation Stable At 2.8%

(RTTNews) - UK consumer price inflation remained stable in May, the Office for National Statistics said Wednesday.

Consumer prices registered an annual increase of 2.8 percent, the same rate as seen in April. Prices were expected to climb 3.0 percent.

Meanwhile, core inflation rose to 2.6 percent from 2.5 percent in the previous month. Nonetheless, the rate was slightly below forecast of 2.7 percent.

The ONS said transport made the largest upward contribution to inflation, while food and non-alcoholic beverages made the downward contribution.

Factory gate inflation slowed marginally to 4.0 percent in May from 4.1 percent a month ago, the ONS said in a separate communiqué.

On the other hand, input price inflation accelerated to the highest since February 2023. Input prices grew 8.7 percent after rising 7.9 percent in April.

On a monthly basis, output prices climbed 0.5 percent, slower than the 1.5 percent rise in April. At the same time, input prices gained only 0.2 percent, following April's 2.6 percent increase.