UK annual inflation slowed as the Consumer Prices Index (CPI) fell to 2.2% in May, down from 2.3% in April, according to the Office for National Statistics (ONS).
The largest downward pressure on CPI inflation comes from food and non-alcoholic beverages, mainly due to meat prices rising by less than a year ago. Housing and household services also contributed to the decline.
Alcoholic beverages and tobacco created the largest upward pressure on the CPI, reflecting the increase in excise duty in this year's Budget.
In a separate inflation reading, the ONS said the wider Retail Prices Index (PRI), which includes mortgage interest payments, dropped by 1.1% in the year to May, against the 1.2 % fall recorded in April because of a slight rise in average mortgage interest payments.IFA online
First mentioned in Cridland Report
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