The UK rate of inflation fell to 1.5 per cent in May against 1.8 per cent in April, with food prices and air fares helping to peg prices back.

The Office for National Statistics (ONS) said food prices dipped 0.6 per cent last month, with everyday stables like bread and vegetables falling fastest.

But rising prices remain quicker than average salaries, which inched up just 0.7 per cent in the three months to April.

Howard Archer, chief UK and European economist at IHS Global Insight, said he thought prices would increase slowly – below the Bank of England target rate of 2 per cent – until 2015 and "very possibly beyond".

"This is very good news for consumers' purchasing power and it also affords the Bank of England flexibility, as it toys with the idea of raising interest rates before the end of 2014," he said.