British consumer prices rose 1.5% in May from the same month last year, down from a rate of 1.8% in April, the U.K. Office for National Statistics reported Tuesday. Economists surveyed by FactSet had expected an annual rate of 1.8%. A decline in costs for transport services, particularly air fares, was the largest contributor to the May rate decrease. The pound bought $1.6954, down from $1.6972 before the report was released.

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