UK inflation defies expectations by holding steady at 2.4%

Economists predicted a rise to 2.6% with global oil prices 40% higher than last year

UK inflation unexpectedly held steady at a one-year low last month, despite average petrol prices rising to the highest level for almost four years.

The consumer price index (CPI) remained at 2.4% in May for the second month running, according to the Office for National Statistics, confounding economists’ expectations for the rate to rise to 2.6% amid rising global oil prices.

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Read the original at Economics | The Guardian.