Breaking: UK CPI inflation ticks down to 3.4% YoY in May as expected

• The United Kingdom's annual CPI advanced 3.4% in May vs. 3.4% estimate.
• British inflation dropped to 0.2% MoM in May vs. a 0.2% forecast.
• GBP/USD keeps range near 1.3450 after UK CPI inflation data.

The United Kingdom (UK) annual headline Consumer Price Index (CPI) increased by 3.4% in May after rising 3.5% in April, the data released by the Office for National Statistics (ONS) showed on Wednesday. 

Markets expected a 3.4% growth in the reported period. The reading still remains distant from the Bank of England’s (BoE) 2% target.

The core CPI (excluding volatile food and energy items) climbed 3.5% year-over-year (YoY) in the same period, compared to a 3.8% acceleration in April while missing the anticipated 3.6% figure.