Inflation rate dips in May after "awful April" cost of living spike
The rate of inflation fell slightly to 3.4% in May despite the fastest jump in food prices for more than a year
The Consumer Prices Index (CPI) - the headline measure of inflation - was 0.1% down on the official April figure although the Office for National Statistics (ONS) said earlier this month this had been overstated by 0.1%.
Food and non-alcoholic beverages prices went up by 4.4% in the 12 months to May, compared with 3.4% in the 12 months to April. The May figure was the highest recorded since February 2024, when the rate was 5.0%
The very slight easing in the overall rate of inflation was broadly in line with City expectations but still leaves the CPI well above the Government's target on 2%.
A raft of bill increases pushed up the rate of inflation in April. They included the energy price cap, set by regulator Ofgem, which rose by 6.4% in April, resulting in bills for a typical household going up by £9.25 a month.
Steep increases to water charges, and rises for council tax, mobile and broadband tariffs, and TV licences were among others to take effect.
Today's figure comes ahead of a decision on interest rates from the Bank of England's Monetary Policy Committee (MPC). Rates are expected to be left at their current levels of 4.25%.
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