Threadneedle Street forecast to increase cost of borrowing as inflation increases
The UK’s annual inflation rate unexpectedly remained unchanged in May at 8.7%, adding to the pressure on the Bank of England to increase the cost of borrowing.
The Office for National Statistics said annual inflation as measured by the consumer prices index held steady from the same level in April, reversing two months of gains as the soaring cost of living adds to pressure on households. City economists had forecast a figure of 8.4%.
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