


June inflation data is slated for publication next Wednesday.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. GROSS BEAT PRESETS FAYGO SECRET SAUCE GROSS BEAT BANK FREE DOWNLOAD TM88 & SOUTHSIDE STYLE FREE DOWNLOAD. UK annual inflation unexpectedly held at 8.7 percent in May, causing the central bank to hike by a larger-than-expected amount. The Bank of England has ramped up interest rates 13 times in a row to the current level of five percent in an attempt to dampen stubbornly-high consumer prices. "Looking ahead, we continue to think that the economy will regain a little momentum in the second half of this year, led by a pick-up in households' real expenditure." has not taken hold yet," said Samuel Tombs, chief UK economist at Pantheon Macroeconomics. "May's GDP figures demonstrate that the economy remains listless and that the recovery signalled by many of the business surveys. There was zero economic growth in the three months to May, compared with the three months to February, the ONS added.īut the economy was 0.2 percent larger than its pre-pandemic level. "The best way to get growth going again and ease the pressure on families is to bring inflation down as quickly as possible." "While an extra bank holiday had an impact on growth in May, high inflation remains a drag anchor on economic growth," noted finance minister Jeremy Hunt in reaction to the data.

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