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UK inflation fell to 3.4% in May but stays above target

NEWS

UK inflation fell to 3.4% in May but stays above target

UK inflation fell to 3.4% in May from 3.7% in April, but remains well ahead of the Bank of England's 2% target.

The fall is bigger than the 3.5% analysts' forecast, and could mean that April's 17-month high marks a peak. The Office of National Statistics said the drop was helped by lower food prices, as well as slower rises in the price of petrol, alcohol and tobacco.

The retail prices index - a measure widely used in pay talks - rose by 5.1% in May from 5.4% the ONS said.

 

 

 

 

 

 

From: BBC News