Economists are expecting price rises to have settled in May, resulting in a slowdown in the overall inflation rate.

UK inflation remained at its highest level in over a year, keeping price pressures uncomfortably high as the Bank of England prepares to give its latest signal on whether it will carry on cutting interest rates amid the threat of another energy price spike.

By Andy Bruce and William Schomberg (Reuters) -British inflation cooled in May as expected by the Bank of England, which is set to keep interest rates on hold this week while it assesses international energy markets rocked by escalating conflict in the Middle East.