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UK inflation remains at highest for more than a year
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. 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.Food prices have risen ... (full story)
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