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November 8, 2023
The UK’s rate of inflation plateaued at 8.7% in May, data published by the Office for National Statistics (ONS) has shown.
Inflation was expected to fall in May but remained at 8.7% – the same rate as was recorded in April. The rate of 8.7% is higher than economists had expected, and many now anticipate a rise in interest rates.
Experts have stated that so-called ‘core inflation’ – which excludes volatile elements such as food, fuel and energy prices – is now at its highest level in the UK for over 30 years. Many warn that the high inflation rate will have knock-on effects for mortgages.
Chancellor Jeremy Hunt has acknowledged there is “enormous pressure” for families with mortgages.
However, he said these figures “strengthen the case for the government to stick to its guns”.
“We need to squeeze every last drop of high inflation out of the economy,” says Hunt.
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