Inflation remains unchanged and at 'historically high level' as new figures released
New inflation figures released show that rates remained unchanged last month, despite expectations they would drop.
Meanwhile, motor fuel costs placed the biggest downward pressure on inflation, the ONS said. The unchanged rate means the Bank of England may be more pressured to raise interest rates even further this month.ONS chief economist Grant Fitzner said: “After last month’s fall, annual inflation was little changed in May and remains at a historically high level. The cost of air fares rose by more than a year ago and is at a higher level than usual for May.
“Food price inflation remains high, but the rate has eased slightly this month with costs rising more slowly than this time last year.”
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