•The Consumer Prices Index (CPI) grew by 1.5% in the year to May 2014, down from 1.8% in April. •Falls in transport services costs, notably air fares, provided the largest contribution to the decrease in the rate. Other large downward effects came from the food & non-alcoholic drinks and clothing sectors. The largest offsetting upward effects came from motor fuels and recreation & culture. •The timing of Easter in April is likely to have had an impact on movements in the index, most notably for air and sea fares. •CPIH grew by 1.4% in the year to May 2014, down from 1.6% in April. RPIJ grew by 1.7%, down from 1.8% in ... (full story)