UK inflation hit 2.8% in May, below expectations of 3% and matching the level recorded in April.

According to data released Wednesday by the Office for National Statistics, the UK Consumer Price Index (CPI) rose 0.2% last month on a monthly basis, less than the expected 0.4% and compared to a 0.7% increase in April.

Core inflation in the UK rose by approximately 2.6% and 0.3% year-on-year and month-on-month, respectively, during May.

The UK inflation figures for May were lower than those of the Eurozone, which stood at 3.2%, and also lower than the US, where inflation reached 4.2% last month.