UK inflation holds steady at 2.4% in May

The Office for National Statistics reported the Consumer Prices Index remained at 2.4% in May, after falling from 2.5% in April and a year-peak of 3.1% in November 2017, prompting a fall in sterling. The pound fell 0.34% against the US dollar to $1.3326 shortly after the announcement and is also down 0.37% against the euro. According to the Financial Times, economists had expected rising crude oil prices would feed into higher transport costs for consumers, lifting inflation higher. However, the price of recreational and cultural goods did not rise by as much as this time last year, d...