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the rate of consumer price inflation (CPI) increased to 2.7% in May, up from 2.4% in April, the Office for National Statistics (ONS) said.

The ONS said the rise was due to a record increase in airfares and higher fuel prices.

Airfares rose by 22% between April and May, the highest increase since comparable records began in 2001.

The Bank of England has said it expects inflation to exceed 3% this year.

May’s rise in inflation was higher than analysts predicted.

The price of clothing and footwear rose by 1.2% month-on-month, after a colder than normal May saw the cost of women’s outdoor clothing increase.

However, food and drink prices fell, with a reduction in the cost of meat, vegetables, fruit, sugar and jams.

The Bank of England expects inflation to remain above its 2% target until early 2016.