2023-06-21 09:30
UK borrowers brace for more expensive loans as inflation fails to fall as anticipated
LONDON — Borrowers in the U.K. will be bracing themselves for further increases in lending costs after official figures Wednesday showed inflation failing to fall as anticipated in May. The Office for National Statistics said inflation, as measured by the consumer prices index, held steady at 8.7 percent in the year to May against expectations for a modest decline to 8.4 percent, a development that is likely to see the Bank of England raise the cost of borrowing again on Thursday. The agency said rising prices for flights, recreational and cultural goods and services, and second-hand cars boosted the inflation rate, while gas prices at the pump provided the biggest downward pressure.

https://business.inquirer.net/406582/uk-borrowers-brace-for-more-expensive-loans-as-inflation-fails-to-fall-as-anticipated

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