UK inflation stops falling, raising the chances of much higher interest rates | CNN Business

📆 22/06/2023 02.40.00
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UK inflation unexpectedly stayed stuck at 8.7% in May, making it more likely the Bank of England will continue raising interest rates, potentially taking them to a level not seen in more than two decades

The data released by the Office for National Statistics Wednesday defied forecasts for a slowdown in inflation to 8.4% compared with a year ago. Prices for recreation and cultural activities rose at a faster pace than in April and, although food inflation eased, it remained high, coming in at more than 18%. “The cost of airfares rose by more than a year ago and is at a higher level than usual for May,” said ONS chief economist Grant Fitzner.

The shock is bad news politically for UK Prime Minister Rishi Sunak, who has promised to halve inflation this year to around 5%, and economically for millions of people across Britain struggling with a cost-of-living crisis and facing soaring mortgage payments, with interest rates on two-year loans now above 6%.

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