'Imminent fall' in inflation over coming months

Consumer price inflation should head down further over the coming months, although it may hover around 3% in the near term due to the lingering impact of the sharp rise in oil prices at the start of the year.

– Howard Archer, chief UK and European economist at IHS Global Insight

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Inflation lowest since Nov 2009

There is good news for the economy after official figures revealed inflation had fallen to a two-and-a-half-year low. The Consumer Prices Index measure of inflation fell to 2.8% in May, from 3% in April.