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Potato bags grown in the UK, D & F McCarthy Ltd., on Tuesday 2023. Photographer: Chris Ratcliffe / Bloomberg Getty Images
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The UK’s annual inflation rate was 3.4% in May, in accordance with the expectations of economists, according to data released by national statistics (ONS) on Wednesday.
One initially published data that showed 3.5% in April, but later said Car tax data errors squeezed printing. The April print would be 3.4% without this error.
The statistical organization said that his general policy has not reviewed inflation images, left the original data in place. On Wednesday, he said that direct vehicle tax data has been used when producing the consumer price index.
The core of inflation, more vapor energy, food, alcohol and tobacco prices, rose by 3.5% in May, from 3.8% to April.
Earunea said the highest descending contribution to the annual inflation changes from transport, and while they were more rising and partially compensated, there were food, furniture and home goods.
“Multi-pricing movements decreased inflation in May”, Richard Heys commented on the main economists on Wednesday.
“Air Aerial Rates have fallen this month, compared to the great rise last year, because the time of Easter and school vacation can affect prices. Meanwhile, the costs of fuel also saw a decline.”
A British Libra It rose by 0.22% against the dollar, $ 1.345, following the release of engravings.
Responding data, the minister of the UK minister Rachel Reeves said the Treasury has taken the necessary opportunities to stabilize public finance and control inflation “, but it has acknowledged” doing more. “
The Bank of England waits on the wings
Inflation data will be routed to the Bank of England, as the best course of interest rates try to determine the high inflation rate and severe economic growth.
The central bank is very expected to maintain constant interest rates on Thursday, in the mind of inflational pressure. Economists expect politicians to reduce 25-point rates in the next meeting of August.
The latest inflation data will not cause the bank to deviate from its quarterly rate cutting path “, the Deputy Director of the UK Economics of Capital Economics, sentenced to Wednesday.
“With the inflation of services 4.5%, from 3.5% to 3.4% of April, thanks to the bank, we expect to reduce the rates in 4.25% and reduce the 25 base rates coming in August in August.”
This year, the Bank of England said the inflation rate expends to 3.7% in the third quarter before cooling next year. In the Middle East, oil prices and supply chains could be increased, increasingly encouraging more than expected consumer prices.
Rob Wood, the Economist of the Macroeconomic Pantheon, said his team expected to reveal the inflation on the average revolution of inflation rates due to a mean of 3.4%. It plans to be the summit of 3.6% of September. Oil prices rise on the conflict between Israelis and Iran.
“They are still fully factors at high price prices at high price prices. We should increase petroleum and natural gas prices to 3.7%. If the price of oil and natural gas prices are made proportionately.
Raw oil rose more than 4% in the future on Tuesday after the US president Donald Trump Ayatollah Ali Khamenei asked for a “unconditional surrender”.
