Latest official data on prices shows an easing in consumer price inflation from a more than year high of 3.5% in April
Key moments
Inflation cools in May to 3.4%
FTSE 100 to open 8.5 points higher, with focus on Middle East
Oil around five-month high over possible direct US military involvement in Israel-Iran conflict
US Federal Reserve set to hold interest rates
Stock market reaction and business news from Wednesday
Ratesetters likely to keep borrowing costs steady in face of posbbile inflation shock from Middle East
Steady picture for inflation does not yet reflect impact of US-Israel war against Iran on cost of living in UK
The oil price looks to have found a floor as investors assess the hostilities between Israel and Iran
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Investors will focus on the chairman Jerome Powell to gauge how he plans to combat risk of rising prices, which remain a concern…
