British inflation remains stable despite Iran conflict

The inflation rate in the United Kingdom remained steady at 2.8% in May, unchanged from April, despite expectations of an increase to 3%. Food costs decreased even as airline fares and taxes rose, while services sector inflation surpassed forecasts to reach 3.7%. This reflects the Bank of England’s approach of cautious waiting and no immediate need to raise interest rates, with expectations that inflation will return to the 2% target over the next year. Meanwhile, energy prices have declined following an agreement between the United States and Iran, further supporting the prospects of stable interest rates.

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