Air fares soar to push inflation to 2.7pc

Inflation hit to 2.7 per cent in May, from 2.4 per cent in April, the Office for National Statistics said.

But while the Consumer Prices Index is expected to peak at about 3 per cent this summer, economists believe it will then begin a “slow but steady” drift down.

Inflation remains stubbornly above the Bank of England’s 2 per cent target – which it has not hit since late 2009.

Air fares leapt 22 per cent from April – the highest rate of increase for this time of year since records began in 2001. The price of clothing and footwear also rose 1.2 per cent month on month.

But food and drink helped hold back inflation, with price falls for meat, vegetables and sweets.