Inflation remains unchanged ahead of expected rates rise
Consumer Price Index (CPI) inflation remained unchanged at 8.7% in the 12 months to May, according to the Office of National Statistics’ latest figures.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
This comes just a day before the Bank of England is expected to increase bank rates for the thirteenth consecutive time.
Consumer Prices Index including owner occupiers’ housing costs (CPIH), meanwhile, rose by 0.1% between the 12 months to April and the 12 months to May, going up from 7.8% to 7.9%.
The main drivers for the annual CPI and CPIH increases include the rising prices for air travel, recreational and cultural goods and services, and second-hand cars while falling prices for motor fuel made the largest downward contribution. And, while the prices for food and non-alcoholic beverages rose in May 2023, it was by less than in May 2022 – also leading to an easing in the annual rates.
Additionally, both CPI and CPIH inflation figures were lower than the peaks seen in October 2022 of 11.1% and 9.6%.
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