The rate of inflation was lower than expected by economists, who had predicted an uptick in inflation to 3%.

Inflation shows the rate at which the price of goods and services rises over time based on a regularly updated 'basket of goods'

The rate of Consumer Price Index (CPI) inflation was 2.8 per cent in May, unchanged from April, the Office for National Statistics (ONS) said today.

British inflation held steady at 2.8% in May. This figure matches April's 13-month low. The Bank of England is set to announce its next interest rate decision tomorrow. Economists…