Already prices paid by consumers are rising well above the target rate but it’s also the 5.9% increase in the price of goods bought and sold by UK manufacturers which will be unpalatable food for thought for policy makers at the Bank of England.
The Consumer Price Index (CPI) measure of inflation was released today, showing that the rate of inflation in the UK has jumped to 2.1% in the year to May. This was above market forecasts of around 1.8% and is slightly above the Bank of England’s target of 2%.
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