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UK inflation falls to 3.4 per cent

UK inflation has fallen to 3.4 per cent in May, down from the 17 month-high of 3.7 per cent in April.

The fall is marginally greater than the 3.5 per cent analysts’ forecast, but remains ahead of the Bank of England target of 2 per cent.

The Office For National Statistics said the retail prices index rose by 5.1 per cent last month, compared to the 5.4 per cent rise in April.

The ONS said lower food prices and slower rises in alcohol, tobacco and petrol all contributed to the drop.

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