U.K. consumer price inflation fell to 3.4 percent in May, down from 17-month high of 3.7 percent in April, but remains well above the official target, official statistics showed Tuesday.

The government's official target is to hold consumer price inflation to 2 percent.

The Office for National Statistics said the retail prices index — a measure widely used in wage negotiations — rose by 5.1 percent in May, compared to the 5.3 percent rate in April which was the highest since July 1991.

The retail prices index excluding mortgage interest payments was 5.1 percent higher than a year ago, down from 5.4 percent in April.

While inflation has remained stubbornly high while the nation's economy is making a slow recovery from a deep recession, the Bank of England and the government's own forecasts expect the rate to fall back to the target next year.

The largest contributor to inflation was in housing and household services, where prices increased this year after falling last year. The biggest effect within the sector was in electricity bills, which were unchanged between April and May and fell a year earlier, the agency said.

Food prices fell slightly since April, it added.