Inflation figures have shown a ‘surprise moderation’, remaining flat at 2.8% last month, although hopes of any inflationary decrease were dashed by higher fuel and transport costs with a continued ‘squeeze’ on consumers due to war in Iran.

The ONS stated: ‘After last month’s slowdown, inflation held steady in May as various price movements offset each other.

‘The main upward movement came from transport with airfares, vehicle taxes [car tax] and petrol prices all pushing up inflation.’

Assessing the data, the rate of inflation for diesel was up by 0.5%, to 34.6% in April, on the other hand inflation on the price of petrol jumped 2.3% to 18.9%, from 16.6% the previous month.