Rate of inflation passes Bank of England target as economy gets back in gear

Rate of inflation passes Bank of England target as economy gets back in gear

The surge in the rate of inflation of the past couple of months showed no sign of slowing in May, hitting 2.1% as the cost of a range of goods picked up following the coronavirus crisis-induced slump for the economy.

Figures from the Office for National Statistics (ONS) showed the annual pace of price growth - as measured by the consumer prices index (CPI) - rose from 1.5% in April.

The pace of the acceleration was faster than economists and the Bank of England had predicted, with 1.8% largely expected for May.