U.K. inflation cooled a little in May but remained well above the Bank of England’s target, with the rise in oil prices prompted by the conflict between Israel and Iran threatening to keep inflation higher for longer.

Consumer prices rose 3.4% in May compared with a year earlier, down from the 3.5% of April, the U.K.’s Office for National Statistics said Wednesday. That matched expectations from a consensus of economists polled by The Wall Street Journal.