Commenting on the figures, Danske Bank Economist Conor Lambe said:
“Inflation in the UK, measured using the Consumer Prices Index (CPI), increased from 2.7 per cent in April to 2.9 per cent in May 2017.
“Prices increased across all the main categories of consumer spending and the current inflation rate is the highest since June 2013.
“With inflation at a relatively high rate, consumers’ purchasing power is being squeezed and downward pressure is being exerted on consumer spending growth. Given that household spending accounts for over 60 per cent of UK GDP, a slower rate of consumer spending growth is likely to act as a drag on real GDP growth.”
This comment was published in response to the May 2017 UK inflation data published by the ONS on 13th June 2017.