U.K. inflation came in hotter than expected in May as consumer prices rose by an annual 8.7%, unchanged from the previous month.
The central bank will announce its next monetary policy decision on Thursday and is widely expected to implement its 13th consecutive interest rate hike as itof reining in inflation without creating a mortgage crisis and recession.
"We will not hesitate in our resolve to support the Bank of England as it seeks to squeeze inflation out of our economy, while also providing targeted support with the cost of living."For consumers, investors and the government, Wednesday's print will be a "bitter pill to swallow," according to Marcus Brookes, chief investment officer at Quilter Investors.
Brookes suggested that further rises in interest rates — which the Bank of England has hiked from 0.1% to 4.5% over the past 18 months — will. However, he said the Bank will now "feel like it has no choice, especially with core inflation now rising again."
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