Summary

  • The UK's inflation rate stayed at 8.7% in May - the same as the April rate

  • It stops the downward trend in UK inflation figures, which had been falling after a peak of 11.1% last year

  • The Office for National Statistics says rising prices for "air travel, recreational and cultural goods" helped keep inflation high

  • Falling prices for motor fuel were the largest "downward contribution"

  • Prices for food and non-alcoholic drinks rose in May - but by less than in May 2022

  • "Core" inflation - which strips out energy and food costs - is at the highest rate since 1992

  • And separate figures show UK debt is now higher than annual GDP for the first time since 1961

  • Prime Minister Rishi Sunak has pledged to halve inflation this year

Live Reporting

Edited by Emily McGarvey

  1. What has the inflation level been?

    Inflation reached a 40-year high in recent months, pushing the cost of living up and leaving many people struggling with higher food prices and energy bills.

    It was 11.1% back in October 2022, and is on its way down now but it is still at 8.7%.

    Part of the Bank of England’s job is to keep inflation at a target rate of 2% - far lower than the current rate.

    In response to rising prices, the Bank has recently increased interest rates, which makes the cost of borrowing money more expensive.

    Graph showing UK inflation level over time

  2. What is inflation and how does it affect me?

    Inflation measures how quickly the prices of goods and services are rising (or, very occasionally, falling). Soaring food and energy bills have been pushing prices up.

    The soaring cost of energy has been a key factor driving the UK’s high inflation rate in recent months.

    Oil and gas were in greater demand as life got back to normal after Covid. At the same time, the war in Ukraine meant less was available from Russia, putting further pressure on prices.

  3. Welcome to our live coverage

    Emily McGarvey
    Live reporter

    Good morning and welcome along as we find out the UK’s latest inflation rate.

    At 07:00 BST, the Office for National Statistics (ONS) will release the figure for May. It’s a percentage which tells us how fast prices are rising in the UK.

    Overall inflation fell to 8.7% in the year to April, down from 10.1% in March and 11.1% in October. The ONS figures will also dig into the rate of price rises for things like food - which last month continued to rise at the fastest rate for 45 years, with food inflation at 19%.

    I’m here with James Harness, Owen Amos and James Gregory and our business reporter Tom Espiner to explain exactly what it all means for you.