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UK inflation increases to 2.7 percent in May

  • The rate of consumer price index (CPI) inflation rose to 2.7 percent in May compared to 2.4 percent in April, according to figures released by the Office for National Statistics on Tuesday.

    The rise came on the back of higher transport costs, in particular a hike in airfare.

    Airfares increased by 22 percent between April and May, the highest increase seen since comparable records began in 2001.

    The Bank of England has stated it expects inflation to exceed 3 percent this year.

    May's inflation figures came in higher than analysts’ expectations.

    Tagged as: UK inflation, Business news, hike in airfare, inflation in UK