UK inflation stays steady at 2.8% despite Iran conflict driving up fuel prices
- The UK's annual inflation rate remained steady at 2.8% in May, matching April's figure despite higher petrol prices from the US-Iran conflict balanced by lower food costs.
- The Office for National Statistics reported the consumer prices index level in May matched April's reading, defying analysts' forecast of an increase to 3%.
- Finance Minister Rachel Reeves stated the government has the right economic plan, noting inflation stayed steady despite global price pressures from the Middle East conflict.
40 Articles
40 Articles
British Inflation Holds at 13-Month Low Ahead of Bank of England Interest Rates Decision
British inflation held at 2.8 percent for May, unchanged from the 13-month low in April, official figures showed on June 17. The unexpected hold comes a day before the Bank of England is set to announce its next interest rate decision, having earlier kept interest rates on hold on April 30, waiting to see the economic impact of the war in Iran. The British pound weakened a little against the U.S. dollar following the release of the data, and inv…
Investors expect the central bank to keep its benchmark interest rate at 3.75% on Thursday.
UK’s inflation holds steady in May amid Mideast conflict
UK’s consumer prices index matched April’s reading of 2.8%, according to the Office for National Statistics. (EPA Images pic) LONDON: Britain’s annual inflation rate was unchanged at 2.8% in May as higher petrol prices caused by the US-Iran war were offset by lower food costs, official data showed Wednesday. The consumer prices index level matched April’s reading, the Office for National Statistics (ONS) said, while an analysts’ consensus foreca…
As in the previous month, the inflation rate was 2.8 percent in May. Economists expect the BoE to maintain the key interest rate at 3.75%.
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