RTTNews - U.K.'s annual inflation slowed slightly to 2.2% in May from 2.3% last month, a report from the Office for National Statistics showed Tuesday. This was the lowest since January 2008. The annual inflation rate stood above the expected level of 2%, which is also the central bank's target. Month-on-month, consumer prices were up 0.6%, larger than the expected 0.3% increase.

Meanwhile, core inflation that excludes volatile items rose to 1.6% from April's 1.5%. Economists had expected the annual rate to stay at 1.5% in May.

The report showed that the retail price index in May stood at 212.8, up from.211.5 in April. Retail prices were down 1.1% from the previous year, following a 1.2% decline in April. From April, retail prices rose 0.6%. Economists were looking for an 1.5% annual fall and a monthly growth of 0.2%.

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