The rate of inflation in the country has remained unchanged at 8.7 per cent despite expectations that it would start to fall
Figures out this morning from the Office of National Statistics showed the rate of rising prices in May remained unchanged from April
Meanwhile the Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 7.9% in the 12 months to May 2023, up from 7.8% in April
ONS Chief Economist Grant Fitzner, said:
“After last month’s fall, annual inflation was little changed in May and remains at a historically high level.”
“The cost of airfares rose by more than a year ago and is at a higher level than usual for May. Rising prices for second-hand cars, live music events and computer games also contributed to inflation remaining high.”
These were offset by a fall in the cost of petrol. Food price inflation remains high, but the rate has eased slightly this month with costs rising more slowly than this time last year.”
Chancellor of the Exchequer Jeremy Hunt said:
“We know how much high inflation hurts families and businesses across the country, and our plan to halve the rate this year is the best way we can keep costs and interest rates down.
“We will not hesitate in our resolve to support the Bank of England as it seeks to squeeze inflation out of our economy, while also providing targeted support with the cost of living.”
Shadow Chancellor Rachel Reeves reveals Labour analysis that shows food prices in Britain are rising faster than others in the G7,20% faster than France,30% faster than Germany and over 3 times the rate in the US
