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WorldUK inflation stays at 8.7%

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UK inflation stays at 8.7%

In May, the inflation rate in the UK remained steady at 8.7%, the same as in April.

This halts the previous trend of declining inflation figures, which had been decreasing from a peak of 11.1% last year.

The Office for National Statistics attributes the high inflation to increasing prices in sectors such as air travel, recreational activities, and cultural goods.

On the other hand, the largest downward contribution to inflation came from falling motor fuel prices.

While prices for food and non-alcoholic drinks did rise in May, the increase was lower compared to May 2022. Additionally, “core” inflation, which excludes energy and food costs, reached its highest rate since 1992.

Furthermore, separate data reveals that UK debt now exceeds the annual GDP, a situation not seen since 1961.

Prime Minister Rishi Sunak has made a commitment to reducing inflation by half this year.

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