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United Kingdom Inflation May 2023

United Kingdom: Inflation remains stubbornly high in May

Inflation was stable at April’s 8.7% in May. However, it was notably above market expectations of 8.4% and was higher than the rates of other G7 economies. Price pressures for food and housing and utilities dimmed, while those for clothing and recreation and culture rose.

Annual average inflation remained at April’s 10.0% in May. Meanwhile, core inflation rose to 7.1% in May, up from the previous month’s 6.8% and marking the highest reading since 1992.

Lastly, consumer prices rose 0.67% over the previous month in May, which was below the 1.21% rise seen in April. May’s result marked the softest rise in prices since January.

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