UK inflation has remained unchanged at 8.7% in the year to May 2023, matching the 8.7% recorded in April, according to the Office for National Statistics (ONS).
City economists had forecast an 8.4% inflation rate, adding pressure to the Bank of England to continue raising interest rates.
Core inflation has increased to 7.1% in May – its highest since March 1992 – up from 6.8% in April and higher than forecast.
On a monthly basis, consumer prices rose 0.7% in May, keeping annual CPI at 8.7%. The biggest contributors included rising prices for air travel and recreational and cultural goods and services.
Chancellor Jeremy Hunt has said that the government would not be introducing major financial support to mortgage holders or support with food costs.
