Further evidence of the shifts in UK inflation emerged from the retail industry, where non-food prices moved further into deflation but food price inflation slowed its decline.
Shop price annual inflation softened to 0.6% in May, down from 0.8% in April and the lowest since November 2021, data from the British Retail Consortium and NielsenIQ.
Non-food moved further into deflation at 0.8%, from 0.6% deflation last month and the lowest since October 2021.
Food inflation slowed to 3.2% from 3.4%, with fresh food inflation reached its lowest since November 2021.
“After a number of months of falling input prices, we are now seeing food inflation stabilise and retailers continue to pass on price cuts to shoppers," said Mike Watkins, NielsenIQ's head of retailer and business insight.
"Across the industry whilst inflationary pressure has eased and there is some improvement in shopper sentiment, the unseasonable weather has dampened retail sales so lower prices look set to continue and promotional activity is likely to increase drive demand."
Helen Dickinson, chief executive of the BRC, said shop price inflation "has returned to normal levels", noting that slowing food inflation came as fresh food inflation fell to its lowest level since November 2021 while ambient food inflation remained "stickier" due to the effects of high global sugar prices.
In non-food, there were notable falls as retailers cut furniture prices "in an attempt to revive subdued consumer demand for big-ticket items, and football fans have been able to grab some bargains on TVs and other audio-visual equipment ahead of this summer’s Euros," she said.