Respite for King as inflation remains at 4.5%

May's UK inflation reading remained unchanged from April, official figures have shown, giving Bank of England governor Sir Mervyn King some respite.

The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation held steady at 4.5% last month, with rising food and drink prices offset by a decline in travel fares. The wider RPI reading was also unchanged at 5.2%, with the data bringing some relief to consumers faced with soaring prices. King has warned previously inflation could hit 5% in the short term, although he expects it to dissipate next year. The reading has been above the 2% target since late 2009.