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- UK consumer price index rose in line with forecasts in May
UK consumer price index rose in line with forecasts in May
According to the report from Office for National Statistics, the Consumer Prices Index (CPI) 12-month rate was 0.5% in May 2020, down from 0.8% in April.
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 0.7% in May 2020, down from 0.9% in April 2020.
The largest contribution to the CPIH 12-month inflation rate in May 2020 came from recreation and culture (0.23 percentage points).
Falling prices for motor fuels and a variety of recreational and cultural goods resulted in the largest downward contributions to the change in the CPIH 12-month inflation rate between April and May 2020.
Rising prices for food and non-alcoholic drinks resulted in a partially offsetting upward contribution to change.
As a result of the ongoing coronavirus (COVID-19) pandemic, we identified 74 CPIH items (or 14.2% of the CPIH basket by weight) that were unavailable to UK consumers in May, as detailed in table 58 of the Consumer price inflation dataset; this is down from 90 unavailable items in April; compared with the February 2020 index (the most recent “normal” collection), we have collected a weighted total of 81.6% (excluding unavailable items) of the number of price quotes for the May 2020 index, although the coverage varies across the range of items.
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