The UK inflation rate release by the Office of National Statistics (ONS) on Tuesday, has fallen from to 2.8% in May from 3 % in April. Still over the Bank of England's target level of 2% but a world away from the highs of 5.2% in September 2011.

Fortunately, the crippling oil prices that have driven up global inflation rates in recent months have reversed somewhat and this is a large factor in the easing of inflationary pressures, together with a drop in food prices.This reduction could also be indirectly related to the reduction in fuel costs as diesel for the trucks and tankers delivering produce to the end user went through the roof.