Inflation higher than expected ahead of interest rate decision
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Inflation was higher than expected last month, official figures show, ahead of the Bank of England's next interest rate decision.
The consumer prices index (CPI) rose by 3.4pc in May, according to the Office for National Statistics (ONS).
This was unchanged from 3.4pc in April, a figure which was revised lower from 3.5pc after the ONS admitted to an error in its data earlier this month.
Analysts had forecast May inflation would edge down to 3.3pc.
The Bank of England will announce its next decision on interest rates on Thursday against the backdrop of inflation above its 2pc target.
The conflict between Israel and Iran has pushed up the price of oil, raising fresh concerns about inflation. The latest surge in oil is not included in the latest CPI data.
Britain has been handed some level of economic certainty after Donald Trump signed the UK-US trade deal at the G7 summit in Canada this week.
The US Federal Reserve will announce its next move on interest rates later today.
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