After UK inflation stayed significantly higher than anticipated for the fourth consecutive month, interest rates are predicted to increase once more.
The rate of inflation, which gauges how quickly prices are rising, stayed at 8.7% in May.
The shocking number was driven by rising airfares and used car prices, but supermarket food prices also kept climbing quickly.
Labour leader Keir Starmer and Rishi Sunak sparred angrily during PMQs about who was to blame.
Sir Keir charged that “the mortgage catastrophe” was the Conservatives’ fault. In response, Prime Minister Mr. Sunak cited “the global macroeconomic situation” and claimed that it had cost “tens of billions” to help people with their daily expenses.
On Thursday, interest rates are anticipated to rise by 0.25% to 4.75%, but some analysts believe they may now reach 5%. Mortgage payments for homeowners will likely climb significantly when interest rates rise.
