Underlying Inflation Rate Shows Increase Due To Rising Food Prices

The latest figures from the Office of National Statistics show that the underlying rate of inflation bucked the recent downward trend during May, jumping to 2.4% due to rising food prices.

Although still below the government’s target of 2.5% this has surprised the market after the preceding months showed consistently low growth in inflation. The headline rate of inflation for the month was 2.1%

The Retail Price Index for May 2001 was 174.2.

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