London: Due to the daily increasing inflation data in the UK, the pressure is increasing on the Bank of England and the current government to take urgent measures.
of foreign news agencies Reports What’s more, according to official figures released yesterday, the UK’s annual inflation rate unexpectedly stood at 8.7% in May.
In this regard, relevant trade forums had predicted a decline from April’s level while the Bank of England was already expected to raise interest rates to combat inflation that is rising in the G7 countries. I am the most.
The latest figures are also a major blow to British Prime Minister Rishi Shankar, who has made reducing inflation his top priority in his manifesto for next year’s general election.
Epic Osidskaya, senior analyst at Swisscote Bank, said the numbers warn that inflationary pressures are out of control in the UK and that further interest rate rises are expected to further squeeze inflation-stricken British households. .
The Bank of England has already raised borrowing costs to a 15-year high of 4.5 percent to tame inflation and is expected to raise central bank rates for the 13th time in a row after a regular policy meeting on Thursday. will be increased.
Finance Minister Jeremy Hunt said after the latest consumer price index data that we are aware of people’s difficulties, the government wants to see inflation down to five per cent by the end of the year.