Inflation in the UK remained just below target in May, with the headline CPI index rising by 1.9 pct from a year earlier for the third month in a row, official figures showed today. The office of National Statistics said higher food and air fares kept inflation just below the 2.0 pct target despite a fall in petrol prices. The May rate is slightly above expectations of a slight dip to 1.8 pct. The central bank is charged with targeting an annual CPI rate of 2.0 pct over a two-year horizon. On a month-on-month basis, CPI rose by 0.4 pct from April, again slightly above expectations for a 0.3 pct rise. In April, CPI also rose by 0.4 pct from a month earlier. NS said the largest upward effect on inflation during May came from food, with the main contributions coming from meat, especially poultry, and fruit, in particular strawberries. The largest downward effect came from transport costs as petrol and diesel prices eased in May reflecting movements in crude oil prices. The wider RPI measure of inflation rose by 2.9 pct in May from a year earlier and by 0.2 pct from April, against forecasts of 3.0 and 0.2 pct respectively. The annual rate is the lowest since May 2004. In April, RPI rose by 3.2 pct from a year earlier and by 0.6 pct from the previous month.