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| UK inflation remains highest for more than a year | UK inflation remains highest for more than a year |
| (32 minutes later) | |
| UK inflation remained at 3.4% in the year to May as cheaper air fares offset higher food prices as the cost of chocolate and meat rose. | UK inflation remained at 3.4% in the year to May as cheaper air fares offset higher food prices as the cost of chocolate and meat rose. |
| The pace of price rises was the same as in April, following a revision by the Office for National Statistics (ONS), and means that inflation remains at its highest for more than a year. | The pace of price rises was the same as in April, following a revision by the Office for National Statistics (ONS), and means that inflation remains at its highest for more than a year. |
| It said that the cost of plane tickets fell compared with a large rise last year "as the timing of Easter and school holidays affected pricing". | It said that the cost of plane tickets fell compared with a large rise last year "as the timing of Easter and school holidays affected pricing". |
| Inflation remains above the Bank of England's target rate of 2% but it is not expected to cut interest rates when it meets on Thursday. | Inflation remains above the Bank of England's target rate of 2% but it is not expected to cut interest rates when it meets on Thursday. |
| Food prices have risen for three months in a row and, at 4.4% in May, are the highest since February last year. | |
| Ruth Gregory, deputy chief economist at Capital Economics, suggested that the increase "perhaps provides a tentative sign that firms are passing on more of April's rise in National Insurance Contributions in their selling prices". | |
| Commenting on the inflation rate, Chancellor Rachel Reeves said: "This government is investing in Britain's renewal to make working people better off." | |
| But shadow chancellor Mel Stride called the latest inflation figures "deeply worrying for families". | |
| "Labour's choices to tax jobs and ramp up borrowing are killing growth and stoking inflation - making everyday essentials more expensive," he said. | |
| The ONS said that some of the biggest price rises came from chocolate which increased at the fastest pace for almost 10 years. |