Retail prices Inflation falls to 3.1%

The headline rate of Retail Prices Index (RPI) inflation fell to 3.1% in May, from 3.5% in April, the Office for National Statistics (ONS) said.

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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.