UK inflation defies expectations by remaining at 2.4%

Economists predicted rise to 2.6% on back of 40% higher global oil prices than year ago

UK inflation unexpectedly stayed at a one-year low last month, despite average petrol prices rising to the highest level for almost four years.

The consumer prices index (CPI) remained at 2.4% in May for the second month running, according to the Office for National Statistics, confounding economists' expectations for the rate to increase to 2.6% amid rising global oil prices.