UK inflation unexpectedly jumped above the Bank of England’s target in May when it hit 2.1%, part of a post-lockdown climb in prices that is expected gather pace.
The acceleration of the consumer price index from April’s 1.5% largelyreflected how weak inflation was in May 2020 when the economy was reeling from its first tight lockdown.
The figure represented the first time inflation has gone above the BoE’s 2% target in almost two years.
Fuel prices in May were almost 18% higher than a year earlier while clothing and footwear costs rose by 2.1% as people, emerging from their lockdown isolation, bought new outfits.hese were partially offset by a large downward contribution from food and non-alcoholic beverages, where prices fell this year but rose a year ago, particularly for bread and cereals.
The price data was collected on or around May 11, before pubs and restaurants were allowed to serve customers indoors and cinemas and hotels reopened from May 17.
