UK inflation steady at 3.4%, prompting cautious monetary policy
TL;DR Summary
UK inflation remains high at 3.4%, with food prices rising for the third consecutive month, driven by increased costs including higher wages and bad harvests affecting chocolate prices, which surged by 17.7% in the year to May, marking the fastest increase since 2016. Despite some easing in travel costs, overall inflation impacts consumers and businesses, with concerns about rising living costs and economic growth.
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- UK inflation slows but oil price jump creates new problem for Bank of England Reuters
- UK inflation lingers at 3.4% in May, bolstering case for interest rate hold CNBC
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