In a sea of economic data that always seems to disappoint, today’s inflation figures may plumb new depths. The Consumer Prices Index (CPI) rose by 8.7 per cent in the 12 months to May 2023. In other words, despite all the pain of higher interest rates, inflation remains unchanged.
It gets worse. Core inflation, which strips out more volatile prices such as energy and food, rose by 7.1 per cent — that is in fact up from the month before and represents the highest rate since 1992.
