The rate of consumer price index (CPI) inflation increased to 2.7% in May, up from 2.4% in April, the Office for National Statistics (ONS) said.
The ONS said the rise was due to a record increase in airfares and higher fuel prices.
Airfares rose by 22% between April and May, the highest increase since comparable records began in 2001.
The Bank of England has said it expects inflation to exceed 3% this year.
May’s rise in inflation was higher than analysts predicted.
via BBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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