UK's consumer-price index (CPI), a measure of inflation, was 2.9% for May on the year, from 2.7% in April. On a monthly basis it was 0.3%, from 0.5%. The Bank of England's target rate is 2%. Core CPI was 2.6% in May on the year, from 2.4% previously. At 9.39am, sterling was up 0.43% to $1.2714. It was up 0.33% to €1.1336.