Inflation stays at 4.5%
Inflation remained at a two-and-a-half year high at 4.5% according to figures released by The Office for National Statistics today. The figure is unchanged from April and is more than double the Bank of England's target of 2%.
Cheaper travel costs were one of the main downward pressures. The largest upward pressures came from food and non-alcoholic beverages where overall prices rose by 1.3% between April and May this year compared to a 0.1% fall in the same period last year. Fruit prices rose by 4.7% compared with a fall of 0.4% a year ago with the main contribution coming from grapes.
There were also large upward pressures from alcohol, tobacco, and miscellaneous goods and services where prices rose by 0.6% between April and May this year compared with an increase of 0.2% a year ago. The upward effect came largely from appliances and personal care products.
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