UK inflation falls as economy shrinks in May

WRLO Accountants — Mon, 07 Aug 2023 12:36:41 +0000

The UK’s rate of inflation fell to 7.9% in the year to June while the country’s economy shrank in May, according to the latest Consumer Prices Index (CPI) published by the Office for National Statistics (ONS). The inflation rate is currently at its lowest annual rate since March 2022, the ONS said. Price rises have slowed by more than experts anticipated. According to the ONS, falling fuel prices helped the rate of inflation to drop, and food prices rose less quickly when compared to June 2022. Core inflation also fell from 7.1% to 6.9%, the data showed. Meanwhile, the UK economy contracted by 0.1% in May following growth of 0.2% in April, ONS data showed. The rising cost of living and higher interest rates have been squeezing households and businesses, the ONS said. It said the manufacturing, energy and construction sectors fell in May, along with sales at pubs and bars. David Bharier, Head of Research at the British Chambers of Commerce (BCC), said the figures provide‘further evidence of the precarious state of the UK economy’. He added: ‘While businesses have been incredibly resilient in stomaching multiple waves of economic crises, our latest Quarterly Economic Survey shows that most firms are […]

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UK inflation falls as economy shrinks in May

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