UK inflation remains highest for more than a year

UK inflation remained at 3.4% the year to May as cheaper air fares off-set higher food prices as the cost of chocolate and meat rose.

The pace of price rises was the same as in April, following a revision by the Office for National Statistics (ONS) and means that inflation remains at its highest for more than a year.

It said that the cost of plane tickets fell compared with a large rise last year “as the timing of Easter and school holidays affected pricing”.

Inflation remains above the Bank of England’s target rate of 2% but it is not expected to cut interest rates when it meets on Thursday.