Cheaper bread, milk and petrol: why inflation matters to you

Jess Bown
Woman in supermarket
Woman in supermarket

Savers and cash-strapped families rejoice: the rate of inflation, as measured by the Consumer Prices Index (CPI) slumped to just 1.5% in May, down from 2.7% this time last year.

And while that might not sound very exciting, the impact on your everyday life is enormous.