UK's CPI for May 2012 was up 2.8% year-over-year, the lowest increase since November 2009. It peaked at 5.2% in September 2011. The UK has been in a recession for a few quarters now. GDP growth was -0.3% in Q4 2011 and Q1 2012 (revised). On June 7, 2012, the Bank of England maintained the bank rate at 0.5% and the size of their asset purchases program at £325 billion.
Data source: ons.gov.uk (Consumer Price Indices, May 2012)
Source: ons.gov.uk (Second Estimate of GDP, Q1 2012)