UK inflation rate remains unchanged at 2.8% despite soaring air fares

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The UK’s inflation rate remains at 2.8 per cent for the year to May, according to the latest figures from the National Office for Statistics (ONS).

That’s despite air fares surging and motor fuel tipping higher too as the price of oil shot up, with transport prices the biggest contributor to inflation figures for the month, up 6.8 per cent – the highest annual rate rise recorded for the sector since December 2022.

Air fares alone rose 10.3 per cent between April and May of this year, the ONS said, with the timing of Easter and the school holidays also a factor.

In better news for consumers, food and non-alcoholic beverages fell in price between April and May this year, and rose on a 12-month basis at a slower pace than previously, making it the biggest downward contributor.

More to follow…