“AAfter last month’s decline, year-over-year inflation was little changed in May, but remained at historically high levels,” Chief Economist Grant Fitzner said.
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, while providing specific support for spending,” he said.
In its latest update of forecasts for the United Kingdom, the International Monetary Fund (IMF) said the country will 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”.
Also Read: Interest Rates And Inflation Rising? The EU budget expects 21 billion
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