With most economists looking for a May inflation figure from the ONS of 1.8%, the 2.1% reported by the Office of National Statistics was quite a surprise. In May last year traffic was significantly reduced due to lockdowns and a fall away in demand, causing fuel prices to drop around 18% . The entertainment that we have enjoyed in May has been more expensive, as pubs and restaurant prices mark their prices up to make up for lost time. We are also paying higher prices for our clothing.  

The Bank of England target for inflation is 2% but at this level there is no need for panic and they certainly won't be raising interest rates anytime soon. The priority is the unemployment figure and managing the transition out of furloughing.