In May, consumer prices in the UK increased by 0.4% compared to April and by 2.4% in annual terms, the Office for National Statistics reported. Both indicators kept the dynamics of April and coincided with the forecasts of analysts. The annual inflation rate is the lowest since March 2017. Excluding food, alcohol, tobacco and energy prices, consumer prices rose 2.1% in May in annual terms. In monthly terms, food and non-alcoholic beverages fell 0.2%. Prices for clothing and footwear increased by 0.2%, for alcohol and tobacco products - by 0.9%. Transport services have risen in price by 1.5%. According to the estimates of the Bank of England, inflation in the country will reach the target of 2.4% in the second quarter, so it will need to raise the base interest rate.
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