The latest data from the Office for National Statistics (ONS) shows that consumer prices index (CPI) inflation has returned to positive territory, standing at 0.1 per cent in the year to May 2015, compared with the corresponding decline of 0.1 per cent recorded in April. 

Easing downward pressures from food and motor fuel prices was highlighted as the major driving force behind this trend. 

Air fares contributed the most notable upward contribution to the inflation rate, which EEF, the manufacturers' association suggested was likely a result of the timing of Easter. 

EEF senior economist George Nikolaidis said he expects inflation to hover around the 0 per cent mark for a few more months, and is likely to remain low for the rest of 2015. He added that he does not believe deflation in the UK economy will persist.

"The latest BoE survey seems to confirm this, indicating that inflation expectations for the next 12 months increased to 2.2 per cent in May from the 1.9 per cent low in February," Mr Nikolaidis remarked.