People in Oxford Street
UK shoppers in Oxford StreetReuters

After turning negative for the first time since the 1960s in April, the UK inflation rate has turned positive again, growing 0.1% in the year to May.

Consumer prices, based on a basket of goods and services, rose 0.1% in the 12 months to May 2015, after food prices started to pick up again and petrol prices increased as well, the Office for National Statistics announced.

Philip Gooding, statistician at the ONS, said in a statement: "Last month CPI turned negative, mainly because of falling transport fares due to the timing of Easter. This month, that fall has been reversed."

The Bank of England has set a target for the inflation rate of 2%, although analysts at thinktank IHS Global Insight think it will not pick up properly until after the summer.

"Consumer price inflation is likely to hover just above zero through the summer and then start heading decisively up from the autumn," IHS said in a release. "This should be the consequence of base effects becoming less favourable, firmer oil prices overall, earnings growth picking up, and excess capacity in the economy diminishing."

Rain Newton-Smith, director of economics at the Confederation of British Industry, said that the low inflation rate will boost households' spending power. He added that the effects of falling oil and food prices will fade in autumn.

The positive inflation is in line with most expectations. Economists also explained in April that the slight dip below zero would not be a real threat to the economy.

ONS Inflation Graph
Yearly inflation rate over the last decadeONS