THE UK’s rate of inflation remained the same in May from the month before, the latest official figures show.
The Consumer Price Index level of inflation was frozen at 8.7%, the same as in April, the Office for National Statistics said.
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Inflation is a measure of how the price of goods and services has changed over the past year.
The ONS said rising prices for air travel, recreational and cultural goods and services, second-hand cars caused inflation to rise.
Falling motor fuel meanwhile led to inflation slowing, while food and non-alcoholic drinks rose in May but less than in May 2022, which saw it easing.
Commenting on today’s figures, 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.”
Inflation has eased slightly in recent months since the eye-watering 11.1% seen in October, which was driven by soaring gas and electricity prices.
But today’s figures make it likely the Bank of England will raise its base rate tomorrow from 4.5%, piling pressure on mortgage owners.
Markets are expecting the figure to rise by 0.25% points to 4.75%.
The Bank of England raises its base rate in order to slow inflation, meaning people with savings see their interest rates go up.
But it also means mortgage owners see their repayments go up as well.
