In May, UK inflation is projected to decrease slightly, from 3.5% to 3.3%, suggesting a moderation in price rises following significant increases in household bills during April. Analysts indicate that a variety of costs, including energy price hikes and taxation, influenced this trend. The Office for National Statistics noted an error in prior vehicle tax data, which affected the revised CPI rate. Economists like Sanjay Raja predict a potential easing of inflation within transport services, hinting that overall financial pressures may be stabilizing for households.
UK inflation is expected to have slowed in May as prices stabilised following bill increases in April, indicating a decline from 3.5% to 3.3%.
The energy price cap rose by 6.4% in April, contributing to a significant increase in household bills; however, May may see prices rising at a slower rate.
Economists expect that rising costs, including increases in water charges and council tax, have resulted in a settling of inflation, easing pressures on households.
Sanjay Raja from Deutsche Bank highlights that inflation in transport services is expected to ease, reflecting broader trends of price stabilization in May.
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