UK inflation remained stuck at 8.7 per cent in May, higher than expectations of a drop to 8.4 per cent, marking the fourth month in a row that price rises have exceeded forecasts.
With the cost of a broad range of goods and services rising sharply the figures will reinforce expectations of multiple interest rate increases to come from the Bank of England, intensifying the mortgage “time bomb” facing many households.
The BoE is expected to continue raising borrowing costs on Thursday with a rise of at least 0.25 percentage points from 4.5 per cent to 4.75 per cent.
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