Inflation fails to fall in May
The ONS found that food and non-alcoholic beverage prices rose by 18.4% in the year to May 2023, down from 19.1% in April and from 19.2% in March
Inflation in the UK remained unchanged at 8.7% in the year to May, dashing hopes that prices would continue to fall.
According to the latest figures from the Office for National Statistics (ONS) rising prices for air travel, recreational and cultural goods and services, and second-hand cars resulted in the largest upward contributions to inflation.
Falling prices for motor fuel led to the largest downward contribution, while prices for food and non-alcoholic beverages rose in May 2023 but by less than in May 2022, also leading to an easing in the annual rates.
The ONS found that food and non-alcoholic beverage prices rose by 18.4% in the year to May 2023, down from 19.1% in April and from 19.2% in March, which was the highest annual rate seen for over 45 years.
The latest easing in the annual rate reflects a monthly rise of 0.9% between April and May 2023, compared with a larger 1.5% increase between the same two months a year ago.
ONS chief economist Grant Fitzner said: “After last month’s fall, annual inflation was little changed in May and remains at a historically high level.
“The cost of airfares rose by more than a year ago and is at a higher level than usual for May. Rising prices for second-hand cars, live music events and computer games also contributed to inflation remaining high.”
He added: “These were offset by a fall in the cost of petrol. Food price inflation remains high, but the rate has eased slightly this month with costs rising more slowly than this time last year.”
