Annual inflation in the United Kingdom was 8.7% in May, the same value as in April, but still at “historically high” levels, the Office for National Statistics reported this Wednesday.
“Year-over-year inflation was little changed in May after last month’s decline, but remains at a historically high level,” said Chief Economist Grant Fitzner.
After the data was released, UK Finance Minister Jeremy Hunt announced that high inflation was affecting “households and businesses across the country”.
“Our plan to halve rates this year is the best way to keep costs and interest rates down. We will not waver in our commitment to support the Bank of England in its efforts to drive inflation out of our economy. Live,” he said.
In its latest update of forecasts for the UK, the International Monetary Fund (IMF) said the country would avoid entering recession in 2023 and that the economy should maintain “positive growth”.
According to the IMF, the decline in energy prices will help reduce “substantial annual inflation to 5% by the end of 2023 and below the 2% target by mid-2025”.
Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.