UK consumer price inflation exceeded the central bank's 2 percent target for the first time in nearly two years in May, data released by the Office for National Statistics revealed on Wednesday.
Consumer price inflation accelerated to 2.1 percent in May from 1.5 percent in April. This was above economists' forecast of 1.8 percent and exceeded the Bank of England's target for the first time since July 2019.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.