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UK inflation rate turns positive | |
(35 minutes later) | |
Rising transport costs helped the UK's inflation rate turn positive in May after one month of negative inflation. | |
Inflation, as measured by Consumer Prices Index (CPI), rose to 0.1% in May, up from -0.1% in April. | |
The biggest contribution to the rise came from transport, notably air fares, the Office for National Statistics said. | The biggest contribution to the rise came from transport, notably air fares, the Office for National Statistics said. |
Rises in food and petrol prices also helped inflation turn positive, it said. | |
In April, CPI inflation turned negative for the first time since 1960. | In April, CPI inflation turned negative for the first time since 1960. |
ONS statistician Philip Gooding said: "Last month CPI turned negative, mainly because of falling transport fares due to the timing of Easter. This month, that fall has been reversed." | ONS statistician Philip Gooding said: "Last month CPI turned negative, mainly because of falling transport fares due to the timing of Easter. This month, that fall has been reversed." |
He added that the falls in food and fuel costs over the last year "have eased this month, helping to push inflation up". | He added that the falls in food and fuel costs over the last year "have eased this month, helping to push inflation up". |
Bank of England governor Mark Carney has said he expects inflation to remain low in the short term. | Bank of England governor Mark Carney has said he expects inflation to remain low in the short term. |
The Bank expects near-zero inflation to help the UK economy by boosting the spending power of households. | The Bank expects near-zero inflation to help the UK economy by boosting the spending power of households. |