UK Inflation Slows but Oil Price Jump Creates New Problem for Bank of England

British inflation cooled in May as expected by the Bank of England, which is set to keep interest rates on hold this week while it assesses international energy markets rocked by escalating conflict in the Middle East.

Consumer prices rose in annual terms by 3.4% in May, the Office for National Statistics said on Wednesday, in line with a Reuters poll of economists.

The data are unlikely to shift interest rate expectations among economists and investors who think the BoE will leave borrowing costs on hold when it announces its June policy decision on Thursday...

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