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UK inflation rate rises to 2.7% in May UK inflation rate rises to 2.7% in May
(35 minutes later)
The rate of consumer price inflation (CPI) increased to 2.7% in May, up from 2.4% in April, the Office for National Statistics (ONS) said.The rate of consumer price inflation (CPI) increased to 2.7% in May, up from 2.4% in April, the Office for National Statistics (ONS) said.
April saw an unexpected fall in the rate of inflation, helped by lower petrol prices and air fares. The ONS said the rise was due to a record increase in airfares and higher fuel prices.
The Bank of England, which is charged with keeping inflation in check, has said it expects inflation to exceed 3% this year. Airfares rose by 22% between April and May, the highest increase since comparable records began in 2001.
The Bank expects inflation to remain above its 2% target until early 2016. The Bank of England has said it expects inflation to exceed 3% this year.
May's rise in inflation was higher than analysts predicted.
The price of clothing and footwear rose by 1.2% month-on-month, after a colder than normal May saw the cost of women's outdoor clothing increase.
However, food and drink prices fell, with a reduction in the cost of meat, vegetables, fruit, sugar and jams.
The Bank of England expects inflation to remain above its 2% target until early 2016.