The latest data from the Office for National Statistics reveals a marginal fall in the main inflation rate, dropping from 3.5% in April to 3.4% in the 12 months to May.

A closer look at the figures behind the overall rate highlights a continued rise in food costs – now climbing for the third consecutive month. Food inflation stands at 4.4%, marking the highest level recorded since February 2024.

Some commentators suggest these increases may be partly due to businesses passing on the impact of April’s rise in employer’s National Insurance contributions.

However, this is not the sole driver. A notable factor has been the significant surge in chocolate prices, which have risen by 17.7% over the year to May. This is largely attributed to poor cocoa harvests in key producing regions, leading to reduced supply and, in turn, higher prices.

There was, however, a positive development in the form of falling travel costs, providing some relief for consumers.

Although inflation had shown signs of easing earlier in the year, the most recent figures indicate that cost pressures remain persistent across key areas of spending.

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