Why the Bank of England's interest rate hikes aren't slowing inflation enough and what that means for mortgages

By Alan Shipman, Senior Lecturer in Economics, The Open University

Consumer price inflation stuck at 8.7% in May, defying expectations of a slowdown and making a further rise in UK interest rates inevitable.

The May figures came out the day before the Bank of England’s Monetary Policy Committee (MPC) was due to meet to discuss changing the UK base rate. This sets the interest rates for borrowing by the government, businesses and banks – who then feed any increases through to borrowers such as people with mortgages.

A 13th consecutive…

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