The slight decline was attributed to a drop in the transport sector, although prices for food, furniture, and household goods rose.
Inflation remains above the Bank of England’s 2% target.
Richard Heyes, an economist at the ONS, stated that airfares decreased in May compared to the increase seen last year, while fuel prices also fell.
“This was partly offset by rising food prices, especially items like chocolates and meat. The cost of furniture and household goods, including refrigerators and vacuum cleaners, also increased,” he added.
Following the release of May’s data, UK Finance Minister Rachel Reeves acknowledged in a statement that work is needed to lower inflation and emphasized that the government’s primary mission is to “put more money in workers’ pockets.”
The government is making “necessary decisions to stabilize public finances and control inflation,” said the minister, who admitted that “there is still much to be done.”
Last month, the Bank of England lowered interest rates from 4.5% to 4.25%, marking the first reduction since February.
The entity projected that inflation could rise to 3.7% this year, though it considered this a temporary situation due to increasing energy prices.
The Bank of England will hold its next monetary policy meeting on Thursday.
