British consumer price inflation jumped to 2.1% in May from 1.5% in April, exceeding the Bank of England's 2% target for the first time in almost two years.
Figures from the Office for National Statistics (ONS) showed the annual pace of price growth - as measured by the consumer prices index (CPI) - rose 2.1% on the year in May, the fastest pace of growth since July 2019. The ONS cited upwards pressure on inflation from transport, motor fuel and eating out costs. Economists had expected an increase of 1.8%, leading to further speculation over when the Bank of England could start tightening monetary policy. Outgoing BOE chief economist Andy Haldane, said last week that pay and costs are already rising and high street inflation "can't ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
