Bank of England target breached for first time in two years to fuel fears of sustained rise in cost of livingAnalysis: pressure will build on Bank not to drop behind the curveBusiness live updates: UK inflation moves above Bank’s targetSee all our coronavirus coverageUK inflation jumped to 2.1% in May,breaching the Bank of England’s target for the first time in two years and stoking fears that the easing of pandemic restrictions since March will lead to a sustained rise in the cost of living.
The price of fuel was one of the main drivers of May’s increase, soaring by almost 20% from final year to push the rate of inflation up from 1.5% in April.
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Source: theguardian.com