UK inflation remains at 8.7%
Inflation in the UK stood at 8.7% in May, well below expectations of a drop to 8.4%.
The figures would support expectations of multiple rate hikes with the Bank of England starting Thursday by at least 0.25 percentage points, from 4.5% to 4.75%.
Core inflation, which excludes volatile food and energy prices, rose again to 7.1% in May from 6.8% the previous month.
The pound gained as much as 0.3% against the dollar on the news to $1.28. The pound also gained 0.3% against the euro to 1.1720 euros.
This is a developing story.
Summarize this content to 100 words
Inflation in the UK stood at 8.7% in May, well below expectations of a drop to 8.4%. The figures would support expectations of multiple rate hikes with the Bank of England starting Thursday by at least 0.25 percentage points, from 4.5% to 4.75%. Core inflation, which excludes volatile food and energy prices, rose again to 7.1% in May from 6.8% the previous month. The pound gained as much as 0.3% against the dollar on the news to $1.28. The pound also gained 0.3% against the euro to 1.1720 euros.This is a developing story.
https://www.ft.com/content/a33c3b7f-6dbf-42e7-815a-b01d946b13ea UK inflation remains at 8.7%
