British Finance Minister Jeremy Hunt, in his speech that he stated that increases in interest rates in other countries will bring inflation down over time, said that inflation will decrease in the UK as well, but that it is necessary to be patient.
Hunt, in his assessment after the UK’s National Statistics Office (ONS) released inflation data for May today, said that the inflation data strengthened the “government sticking to its guns to reduce inflation”.
Stating that they will not deviate from the course in the face of pressure, Hunt said, “If we are going to help families and alleviate the pressure on mortgages and businesses, we need to save the economy from every factor that causes high inflation. You can see that increases in interest rates in other countries bring inflation down over time. This will happen here too, but be patient. and we must stick to our course.” he said.
According to ONS data, annual inflation in the UK remained stable at 8.7 percent in May, while core inflation rose to 7.1 percent.
ONS Chief Economist Grant Fitzner, in his evaluation of the data, stated that the price increases in airline tickets, second-hand vehicles, live music organizations and computer games led to an increase in inflation, and these increases were balanced by the decrease in oil prices.
Fitzner noted that despite the high course of food inflation, it showed a slackening this month.