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Inflation rate drops to 2.8% in May

Inflation in the UK fell to 2.8% in May according to the Office for National Statistics’ Consumer Prices Index (CPI).

Inflation was at 3% in April. The Retail Prices Index (RPI) also fell from 3.5% to 3.1%.

The drops in rates means fuel and food prices will start to slow down.

Inflation has been falling since September last year at 5.2% due to falling energy, food and commodity prices.
The Bank of England is predicting the CPI rate to stay about 2% for the next 12 months.

 

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