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Inflation held steady at 8.7 percent in May despite analyst expectations it would fall to 8.4 percent. It makes it almost certain the Bank of England will increase interest rates to 5 percent in August. The country’s economy now risks a wave of mortgage defaults as a slew of fixed rate deals head for expiry in the second half of this year. The data is likely to unnerve Prime Minister Rishi Sunak, who pledged in January he would slash inflation in half if he came to power.
