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UK inflation accelerates in May to highest level in 4 years

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Staff Writer | June 13, 2017
UK inflation accelerated unexpectedly in May and factory gate prices continued to increase, figures from the Office for National Statistics showed Tuesday.
UK inflation accelerates
Britain   Output prices edged up 0.1%
Inflation rose to 2.9% in May from 2.7% in April. Economists had forecast the annual rate to remain unchanged at 2.7%. This was the highest inflation since 2013.

Core inflation that excludes energy, food, alcoholic beverages and tobacco increased to 2.6% from 2.4% in April.

On a monthly basis, consumer prices gained 0.3%, slightly faster than the 0.2% increase economists had forecast.

The consumer prices index including owner occupiers' housing costs advanced 2.7% annually in May versus 2.6% in April.

Another report from the ONS showed that output price inflation held steady at 3.6% in May. The rate came in line with expectations.

At the same time, input price inflation eased to 11.6% from 15.6%, while economists forecast it to slow moderately to 13.5%.

Month-on-month, output prices edged up 0.1% compared to a 0.4% increase in April. Meanwhile, input prices fell 1.3%, following a 0.3% drop.

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