Inflation steady despite oil price
INFLATION held at 2.4pc in May, despite surging petrol prices due to tensions in the Middle East.
Figures from the Office for National Statistics show the Consumer Prices Index remained unchanged from April and in line with economists’ expectations.
The rise in fuel prices has been the largest since January 2011.
Mike Hardie, head of inflation at the ONS, said: ‘Recent large rises in the cost of crude oil have fed through to prices paid by consumers at the pump.’