Looks like inflation has come back a little this month following the unexpected fall in April. The rate is now at 2.7% rising from 2.4% last month. The biggest contributor to the increase was from fuel and clothing costs. Food has shown some falls in prices, can't see it myself as food seems to be ever more expensive in the supermarkets!
The Bank of England expects inflation to remain above its 2% target until early 2016. Looks like the new Governor of the Bank of England will have a lot to think about. It seems like only a few months ago that they were talking about negative interest rates!
In other news...
Hearts FC have finally gone into administration. This has been on the cards for along time following the serving of a winding up petition a few months ago. The complicated ownership structure of the club has hindered any rescue plan.
The Edinburgh club have debts of £25m - owed to Lithuanian-based companies formerly owned by Vladimir Romanov - who are themselves facing insolvency.
KPMG are handling the case.