U.K.’s May CPI 0.7% m/m (expected 0.6%; last 2.5%); 9.1% yr/yr, as expected (last 9.0%). May Core CPI 0.5% m/m (expected 0.6%; last 0.7%); 5.9% yr/yr (expected 6.0%; last 6.2%). May Input PPI 2.1% m/m (expected 1.9%; last 2.7%) and Output PPI 1.6% m/m (expected 1.5%; last 2.8%)
The U.K.’s CPI was up 9.1% yr/yr in May, representing the sharpest pace of increase in 40 years.
British Deputy Prime Minister Raab said that giving in to demands of striking railroad workers would add to inflation.
France’s central bank lowered its growth forecast for France to 2.3% from 3.4% while increasing the inflation forecast to 5.6% from 3.7%.
Italy is planning to spend another EUR3 bln to offset the impact of higher energy bills.