Official figures showed headline CPI stuck at 3.4 per cent in May, worse than the 3.3 per cent analysts had pencilled in.

Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by 3.5% in the year to May.

Official figures showed headline CPI stuck at 3.4 per cent in May, worse than the 3.3 per cent analysts had pencilled in.