UK inflation hits 2.2%

UK annual inflation slowed as the Consumer Prices Index (CPI) fell to 2.2% in May, down from 2.3% in...

UK annual inflation slowed as the Consumer Prices Index (CPI) fell to 2.2% in May, down from 2.3% in April, according to the Office for National Statistics (ONS).This is a smaller decline than predicted, meaning inflation remains above the Bank of England's target of 2%. The largest downward pressure on CPI inflation comes from food and non-alcoholic beverages, mainly due to meat prices rising by less than a year ago. Housing and household services also contributed to the decline. Alcoholic beverages and tobacco created the largest upward pressure on the CPI, reflecting the increase in ...