Inflation unexpectedly steady as food price rises slow

UK inflation unexpectedly held steady at 2.8% in the year to May, defying expectations of a rise to 3%. Food price inflation slowed to 2.2%, its lowest since December 2024, offsetting a sharp rise in transport costs (6.8%). Motor fuels were 24.6% higher than a year ago, according to the ONS. The US-Iran peace deal may moderate future price increases.