UK core consumer prices rise more than expected on-year in June

UK input producer prices showed a surprise month-on-month drop in June, the Officer for National Statistics reported on Wednesday.

The input producer price index posted a 2.0% decline in June, compared with a 0.6% rise in May and missing FXStreet-cited consensus for a 0.2% increase. May's inflation was revised up from 0.2%.

Annually, input prices have jumped 7.3%, slowed from the previous month's 9.3% leap, which was upwardly revised from 8.7%.

The core producer price output index, which excludes volatile items such as food and energy, showed prices rising 0.5% on a monthly basis in June, compared with 0.7% in May, revised from 0.8%.

Annual core output producer inflation was 2.6% for June, against 2.3% in May.

Monthly non-core output PPI was flat at 0%, slowing from a 0.3% increase which was revised from 0.5%. FXStreet-cited consensus was for a 0.4% increase. On an annual basis, prices rose 3.5%, slowed from 3.7% which was revised from 4%.

The core consumer price index showed a 2.6% year-on-year increase in June, unchanged from the prior month but surpassing consensus for a 2.5% rise.

Non-core annual CPI showed prices rose 2.6% in June, slowed from 2.8% in May and below consensus for a 2.7% increase.

Notably, the annual inflation rate for food and non-alcoholic beverages decelerated to 1.7% in June from 2.2% in May. Monthly, consumer prices for food and non-alcoholic beverages fell 0.2% in June.

On a monthly basis, consumer prices in the UK increased 0.1% as expected, slowing from 0.2%.

The retail prices index showed 0.3% monthly inflation, accelerating from 0.2%. Annual RPI came in at 3%, as forecast, and slowing from 3.1%.

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