Core CPI also up to 3.8%

Second monthly decline in a row, but lower than April's 0.3% decline

The next MPC meeting is in August

CPI stood at 3.4% in May, down 0.1 percentage points from April’s figures

Following 0.2% growth in March

Markets had been forecasting a 25bps cut this month given April's NIC rise

CPIH at 3.4% in March, with inflation down from previous month's 2.8%

UK economic outlook still 'downbeat'

As priced in by markets

Decline in GDP due to a fall in production output as forecast predicts 'tough year ahead'