UK's stubborn inflation fails to fall as forecast in May

British consumer price inflation defied expectations that it would slow and held at 8.7% in May, official figures showed, a day before the Bank of England is forecast to raise interest rates for the 13th time in a row

People shop at market stalls, with skyscrapers of the CIty of London financial district seen behind, in London, Britain, January 15, 2021. REUTERS/Toby Melville/File Photo

"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," finance minister Jeremy Hunt said. "The cost of airfares rose by more than a year ago and is at a higher level than usual for May," Office for National Statistics chief economist Grant Fitzner said.

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