BREAKING: The Bank of England has raised interest rates to 5%, their highest level in 15 years.
, food inflation eased slightly to 18.4% in May, down from 19.1% in the year to April 2023, though this is still close to the 45-year high.The Bank has been on the attack for the last half a year as Britain faces its worst inflation in four decades, with raising interest rates being its best weapon., by making borrowing costs higher, people will be more inclined to save rather than spend, so demand for goods go down.The BoE is tasked withwas in the double digits for months, peaking at 11.
Core inflation is a good gauge of how deep inflation has burrowed into the economy as, to economists, it removes the price changes of food and energy.Experts see these as more volatile – they’re more easily spooked by outside influences like bad harvests, for example, and things that people can’t go without.
Core inflation in May, the ONS said yesterday, climbed to 7.1% in the year through May, the fastest pace since 1992.Dun & Bradstreet
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