On June 21, the National Bureau of Statistics of the United Kingdom announced on Wednesday that the CPI in May rose by 8.7% over the same period last year, which was the same as in April.
Core inflation, which excludes volatile food and energy components, unexpectedly accelerated to 7.1% from 6.8%.
Britain remains an outlier among major economies, with prices rising more than four times faster than the central bank’s 2% target.
While the Bank of England expects inflation to slow sharply this year, analysts have warned that Prime Minister Rishi Sunak may struggle to meet his target of halving inflation.
The Bank of England has raised interest rates 12 times in a row, raising interest rates from 0.1% to 4.5%, and is expected to raise interest rates by 25 basis points to 4.75% this Thursday.
Markets have fully priced in further rate hikes by the Bank of England early next year to 5.75%, a level economists say would tip Britain into recession.