Inflation accelerates to four-year high of 2.9%

Up from 0.3% in May 2016

Inflation in the UK rose to 2.9% in May, up from 2.7% in April and just 0.3% a year ago, the Office for National Statistics (ONS) has revealed.

The UK Consumer Price Index (CPI) rose to levels last seen in April 2012, as a result of rising prices for cultural goods and services. The ONS said: "Rising prices for recreational and cultural goods and services (particularly games, toys and hobbies) was the main contributor to the increase in the rate." The pick-up was also driven by an increase in electricity and food prices, though this was offset by a fall in fuel prices, which the ONS said were influenced by the timing of Easter in April. Inflation has steadily risen since the low levels seen in recent years as a result of a...