UK annualized CPI meets estimates with 0.5% in May, GBP/USD revisits highs

• UK CPI rises 0.5% YoY in May vs. +0.5% expected.
• Monthly UK CPI arrives at 0% in May vs. 0% expected.
• GBP/USD challenges high near 1.2570 on the data release.

The UK Consumer Prices Index (CPI) 12-month rate came in at +0.5% in May when compared to +0.8% booked in April while matching expectations of a +0.5% print, the UK Office for National Statistics (ONS) reported on Wednesday. 

Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at +1.2% YoY last month versus +1.4% booked in April while missing the consensus forecast of +1.3%.

The monthly figures showed that the UK consumer prices arrived at 0% in May vs. 0% expectations and -0.2% last.

more to come ....