Inflation soars past Bank of England target
The UK’s rate of inflation leapt higher last month on the back of a surge in fuel prices and more expensive clothing.
The Office for National Statistics (ONS) said the Consumer Prices Index (CPI) hit 2.1% for May, ahead of the Bank of England’s 2% target.
It represented an increase on the 1.5% reported by the ONS for April.
The latest reading was significantly ahead of the expectations of analysts, who had forecast a 1.8% rate for last month.
ONS chief economist Grant Fitzner said: “The rate of inflation rose again in May and is now above 2% for the first time since the summer of 2019.
“This month’s rise was led by fuel prices, which fell this time last year but have jumped this year, thanks to rising crude prices.
“Clothing prices also added upward pressure as the amount of discounting fell in May.”