21 Jun 2023

UK inflation remains at 8.7% as mortgage holders brace for another interest rate hike

Economics Correspondent

Inflation: the enemy which Rishi Sunak pledged to “face down” by the end of year – looks to be going nowhere fast, according to data released today, risking growth in the UK economy and sparking fears of recession.

8.7% in the year to May – no change from April’s figure – represents more pain for struggling households.

And with the Bank of England expected to hike borrowing costs again tomorrow to try and curb inflation, there are warnings mortgage holders could be facing an even bleaker outlook.