KPMG comments on today’s inflation figures

“No signs yet of inflation receding” says Yael Selfin, Chief Economist at KPMG UK.

“No signs yet of inflation receding” says Yael Selfin, Chief Economist at KPMG UK.

“Inflation continues to rise, primarily driven by external factors, with price rises spread widely across the economy.

“Rising inflation is putting further pressure on policymakers to ease the burden on households, while complicating the Bank of England’s task. As the economy enters a period of weaker growth, a more aggressive increase in interest rates could see the Bank of England undershoot its target in the medium term.

“In May, the pace of annual CPI inflation reached a 40-year high of 9.1 percent, led by a 2.3 percent increase in the price of road fuels and 1.4 percent increase in food prices.”

 

-ENDS

 

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