UK Inflation provided some relief this morning as prices rose 2.8% in the 12 months to May, despite expectations Inflation would rise to 3%.
Transport saw the largest contribution, with air fares jumping 10.3% between April and May, whilst food and non-alcoholic drinks prices fell to 2.2% - notably its lowest levels since December 2024.
In usual circumstances we could expect The Bank of England to start considering interest rate cuts if inflation starts to fall or remains steady, however with Services Inflation climbing by 0.5%, this could provide The Bank of England with more cautiousness moving forward.
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