Philip Shaw
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Inflation holds at 4.5%

UK Consumer Prices Index inflation held steady at 4.5% in May, new data shows.

It means the CPI rate has now overshot the Bank of England's 2% target for 34 of the past 40 months.

The Retail Prices Index (RPI) measure of inflation - which includes mortgage interest payments - was also unchanged at 5.2%, according to the Office for National Statistics (ONS).

Philip Shaw from Investec says he doesn't believe interest rates will rise any time soon.

  • 14 Jun 2011