UK inflation rises in May
Inflation is up to 2.7 per cent.
Inflation in the UK rose to 2.7 per cent in May, up from 2.4 per cent in the previous month.
Data from the Office for National Statistics showed the headline inflation measure was up last month, rising further away from the target rate of two per cent.
The body stated that upward pressures on inflation during May included transport – notably air travel and motor fuels – and clothing. Meanwhile, lower food prices were a downward force on inflation in the UK last month.
It was noted: "The inflation rate has returned to the levels seen between October 2012 and March 2013 after the slowing in the rate to 2.4 per cent in April."
Earlier in the month, it was announced by Eurostat, the statistical office of the European Union, that inflation in the euro area was up to 1.4 per cent in May.
This was a rise from the 1.2 per cent recorded in the previous month, with the UK's inflation rate remaining well above that for the euro area as a whole.
Find up to date information on the FTSE 100 and spread betting strategies at City Index