The UK inflation rate rose to 2.9 percent in May, up 0.2 percent from the previous month and well above the Bank of England’s target.
The rate has jumped to its highest level since April 2012, after increasing at a slower than expected rate over the past couple of year.
According to the figures from the Office for National Statistics, rising prices for recreational and cultural goods and services – particularly games, toys and hobbies – was the main contributor to the increase in the rate.
Other upward contributions came from increased electricity and food prices.
The figure is now well above the Bank of England’s 2 percent target, and higher than the average wage growth figure of 2.1 percent.
