Inflation has decreased to 8.1% for May – down from 9% in April.

The latest inflation report, compiled by the Cabinet Office and measured by the consumer price index, said this was likely a consequence of a jump in inflation between April and May 2021 and ‘relatively little change’ in prices overall between April and May of this year.

Cabinet Office said: ‘For this reason, and given the economic lookout, it is probable that this decrease represents only a temporary lull in rising inflation rather than signalling the beginning of a downward trend.’

The category of ‘transport’ remained the largest contributor to the rate, providing a 3.9% increase in the overall 12-month rate.

This was followed by ‘housing, water, electricity, gas and other fuels’ with a 2.3% increase.