UK inflation remained stable at its highest level in more than a year, indicating that price pressures remain high.
The UK’s annual inflation rate hit 3.4% in May, higher than economists' expectations of 3.3% but in line with the Bank of England's estimates, according to data released by the Office for National Statistics (ONS) on Wednesday.
This comes after the country officially announced last month that inflation in April was 3.5%. However, on June 5, it later clarified that it had discovered an error related to a vehicle tax, and that inflation was revised to 3.4%.
Inflation in the services sector, which the Central Bank closely monitors as a sign of domestic pressures, slowed to 4.7% from 5.4%.
Core inflation, which excludes volatile food and energy prices, reached 3.5% in May, after recording 3.8% in April.
This data comes a day before the Bank of England's (BoE) meeting on Thursday, during which it is expected to keep interest rates unchanged, followed by a 25 basis point cut at its August meeting.
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