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Potato bags cultivated in the United Kingdom at the D&F McCarthy Ltd. Fresht Fruit and Vegetable Wholesaleur in Norwich, in the United Kingdom, on Tuesday February 28, 2023. A sharp shortage of salad articles on the shelves of the British supermarket has sparked a political debate, with some people in the industry that blame Brexit while others say that it is a smooth for different problems. Photographer: Chris Ratcliffe / Bloomberg via Getty Images
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The annual inflation rate of the United Kingdom reached 3.4% in May, in accordance with the expectations of economists, according to data published by The Office for National Statistics (ONS) on Wednesday.
ONS had initially published data showing a 3.5% increase in 12 months to April, but then declared An error in calculating data on the cars had led the overestimated impression. April printing would have been 3.4% without this error.
The statistical organization declared at the time that its general policy did not consist in revising the inflation figures so that it left the original data in place. On Wednesday, he said that data on the corrected vehicle tax had been used during the production of the consumer price index in May.
The inflation of May, which excludes the more volatile prices of energy, food, alcohol and tobacco, increased by 3.5% from the year to May, against 3.8% in the twelve months to April.
The ONS declared that the largest contribution to the decline to the monthly variation in annual inflation rates came from transport, while the most important – and partially offset contributions came from food, furniture and household items.
“A variety of counter-action price movements meant that inflation has changed little in May,” Richard Heys, active chief economist at the ONS on Wednesday.
“The air prices fell this month, compared to a strong increase in the same period last year, because the time of the Easter and school holidays affected prices. Meanwhile, fuel costs also experienced a drop.”
The British pound increased by 0.22% compared to the dollar, to $ 1.345, after the publication of prints.
Responding to the data, the British finance minister Rachel Reeves said that the Treasury had taken “the choices necessary to stabilize public finances and control inflation”, but recognized “there is no longer to do”.
Inflation data will be at the center of the Bank of England while it is trying to determine the best interest rate course in an obstinately high inflation rate and dull economic growth.
The central bank should largely have stable interest rates at its next meeting on Thursday, aware of inflationary pressures. Economists expect political decision -makers to change to reduce the rates of 25 base points at the next rally in August.
The Bank of England said earlier this year that it expects the inflation rate to reach 3.7% in the third quarter, before starting to cool next year.
This story of rupture is updated.
