UK inflation rate holds steady at 2.8% in May

The UK annual Consumer Prices Index (CPI) inflation rate held steady at 2.8% in May 2026, according to official figures.

Data from the Office for National Statistics (ONS) showed that rising transport costs provided the largest upward pressure on the index. Air fares increased by 10.3% following the shift in Easter holiday timings, while average petrol prices rose to 157.4 pence per litre.

The transport increases were entirely offset by a slowdown in food and non-alcoholic beverage inflation, which fell from 3.0% to 2.2% during the month. Grocery costs experienced small downward price movements across meat, dairy, vegetables, and fish to hit their lowest level in 17 months.

Core inflation, which excludes volatile energy, food, alcohol, and tobacco prices, rose slightly to 2.6% in the 12 months to May, up from 2.5% in April.

Meanwhile, the consumer prices index including owner-occupiers’ housing costs remained unchanged at 3.0%, as an easing in domestic heating oil costs offset broader index growth.

ONS chief economist Grant Fitzner said:  “After last month’s slowdown, inflation held steady in May as various price movements offset each other.  The main upward movement came from transport with airfares, vehicle taxes and petrol prices all pushing up inflation. These were offset by lower food prices, with decreases in inflation seen across a range of meat, dairy and vegetable items compared to last month, as well as the cost of domestic heating oil, which fell back after climbing in recent months.

“The annual cost of raw materials continued to increase, led by rises in the cost of chemicals, while the increase in the costs of goods leaving factories slowed, partly due to a drop in the cost of domestically produced cars.”