LONDON: Britain's annual inflation rate unexpectedly remained at 8.7 per cent in May, official data showed on Wednesday (Jun 21), piling pressure on the Bank of England and government to act over a cost-of-living crisis. Markets had forecast a drop from April's level, while the BoE was already widely expec
LONDON: Britain's annual inflation rate unexpectedly remained at 8.7 per cent in May, official data showed on Wednesday , piling pressure on the Bank of England and government to act over a cost-of-living crisis.
Britain has endured months of strikes by workers demanding higher wages to help with the cost-of-living crisis. "Core inflation rose again, to its highest rate in over 30 years," noted Sarah Coles, head of personal finance at Hargreaves Lansdown. The BoE has already lifted borrowing costs to a 15-year high at 4.5 per cent in a bid to cool inflation.
The government wants to see inflation reduced to five percent by the end of the year, which would be around half the level at the start of 2023.
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