The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.3% in May 2018, up from 2.2% in April 2018. Rising motor fuel prices produced the largest upward contribution to the change in the rate between April and May 2018. There were also large upward effects from air and sea fares, which rose between April and May this year but fell between the same two months a year ago, influenced by the timing of Easter. Partially offsetting downward effects came from price changes for games, domestic electricity, food and non-alcoholic beverages, and furniture and furnishings. The ... (full story)