LONDON
Annual inflation in the UK on Wednesday remained unchanged at 8.7%, above market expectations of 8.4%, intensifying pressure on the Bank of England to raise interest rates.
According to the Office for National Statistics, the consumer prices index showed no change in the annual inflation rate compared to April, breaking the trend of two consecutive months of increases.
This has exacerbated the strain on households, as the rising cost of living continues to mount.
Rising prices for air travel, recreational and cultural goods and services, and secondhand cars resulted in the largest upward contributions to inflation.
Food and non-alcoholic beverage prices rose 18.4% in the year to May 2023, down from 19.1% in April and 19.2% in March, which was the highest annual rate seen in over 45 years.
The largest downward contribution came from milk, cheese and eggs, with the annual rate easing to 27.4%, from 29.3% in April.
