Neville Prior

UK CPI Inflation Steady in May

Neville Prior  14 June 2011 11:00:53 AM
The UK Consumer Prices Index (CPI) annual rate of inflation held steady in May at 4.5%. The Retail Prices Index (RPI) measure of inflation - which includes mortgage interest payments - was also unchanged at 5.2%, according to the Office for National Statistics (ONS). Fuel and food prices continued to be the main contributors, with both components up 1.3% from April. Air transport costs fell sharply in the month as Easter peak fares ended. However, over the course of the past 12 months, alcoholic beverages and tobacco recorded a 9.8% increase - the highest year-on-year rise on record - thanks in part to the VAT rise. Fuel prices also accelerated, up 13.7% compared with a year ago. The overall inflation figure was in line with market expectations.
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