by Temie Laleye
GB News
The Office for National Statistics will release May’s consumer prices index figure on Wednesday, with inflation expected to remain significantly above three per cent.
April’s figure stood at 3.4 per cent, after the ONS corrected an initial error that had stated 3.5 per cent.
Economists are divided on their predictions for May’s inflation rate. Forecasts range from 3.2 per cent to 3.6 per cent, though all agree the figure will stay well above the three per cent mark.
The persistently high inflation comes as households await Thursday’s Bank of England meeting, where interest rate decisions could affect mortgage holders hoping for relief from current rates.