UK Inflation Stays at 3.4% in May, but Food Costs Climb

The UK’s inflation rate remained steady at 3.4% in May, according to the Office for National Statistics (ONS). While the headline rate did not rise, higher prices for food, furniture, and household goods continue to affect consumers.

Chancellor Rachel Reeves acknowledged the challenge, stating there’s “more to do” to ease pressure on households. Meanwhile, Shadow Chancellor Mel Stride called the figures “deeply worrying for families.”

In a previous adjustment, the ONS corrected April’s inflation rate from 3.5% to 3.4% due to a data error.

The Bank of England still anticipates inflation could reach 3.7% between July and September, before gradually returning to its 2% target.