UK Inflation Holds at Highest Level in More Than a Year
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UK inflation remained at its highest level in over a year, keeping price pressures uncomfortably high as the Bank of England prepares to give its latest signal on whether it will carry on cutting interest rates amid the threat of another energy price spike.
Consumer price inflation was 3.4% in May, slightly above economists' expectations for 3.3% and in line with BOE forecasts, the Office for National Statistics said Wednesday. Services inflation — which is being closely watched for signs of domestic pressures — eased to 4.7% from 5.4%, in line with BOE forecasts.
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