Tuesday, June 17, 2008

Governor Mervyn King has to write an open letter to the government

Bank to explain higher inflation in May

LONDON (Reuters) - Inflation rate rose more than expected in May to its highest since the Labour government came to power in 1997 and the Bank of England will now have to explain how it will bring prices back under control.The Office for National Statistics said on Tuesday consumer prices rose 0.6 percent last month, taking the annual rate up to 3.3 percent from 3.0 percent in April. Analysts had expected a reading of 3.2 percent and May's figure is the highest since the series began in 1997.

Posted by jack c @ 09:54 AM (524 views)
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