The Office for National Statistics released inflation in the U.K. The annual rate of inflation declined 1.5% in May, after 1.8% in April. That was the lowest level since October 2009. Analysts had expected the annual inflation rate to decrease to 1.7%.
On a monthly basis, inflation in the U.K. fell 0.1%, missing expectations for a 0.2% gain, after a 0.4% increase.
The decline was driven by falls in the price of bread, cereals and vegetables. Food prices declined 0.6%.
Core consumer price index excluding food costs in the U.K. climbed at annual rate by 1.6%, missing expectations for a 1.7% rise.
The Retail Prices Index (RPI) decreased to 2.4% in May from 2.5% in April.
U.K. house prices surged by 9.9% in the 12 months to April and reached a new high of £260,000.
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