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Inflation drifting downwards
The latest fall in inflation may be the start of a drift downwards, say analysts. Under the Retail Prices Index (RPI), inflation was 5.1% in May, against 5.3% the previous month. The largest contribution to the fall came from lower food prices. Under the Consumer Prices Index (CPI), which does not include housing costs, inflation fell to 3.4% in May against 3.7% the previous month.