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The inflation rate for the year remained constant at 8.7% in May, surpassing predictions. However, it is anticipated that the core inflation rate will rise again and exceed 7%, and the following picture illustrates this.

The cost of food remains high, with an annual increase of 18.4%. This is a slight decrease from the March figure of 19.2%, which was the highest in more than four decades.

The increasing pressure on the BOE due to the report suggests that markets may start looking for 6% rates, which could lead to greater confidence.

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