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Bank of England on Thursday decided to raise its benchmark interest rate by 0.5% to 5%, larger than the market expectation of a 0.25% increase. The decision followed Office of Nation Statistics' publication of a 8.7% CPI inflation reading for the year to May on Wednesday.

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Annual consumer prices in the Eurozone rose by 6.1% YoY in May, down from 7% in April.

UK average property prices were 3.4% lower compared to the previous year, accelerating the annual fall of 2.7% in April.

The headline CPI figure slowed down to 8.7% in April, from 10.1% in March, while core inflation accelerated to 6.8%, from 6.2%

US PCE price index decelerated further in March with the year over year rate dropped to merely 4.2%, down from 5.1% in February.

The UK CPI rose 10.1% in the year to March, still remain in double digits even though analysts expected the annual rate to fall to 9.8%