Inflation and Housing Costs

Shelter prices continued to climb rapidly in May, with rent index up 5.3% YoY. Home prices and rents rising in a higher interest rate environment. Energy prices fell in May while grocery prices remained flat.

U.S. and Britain Conduct Airstrikes in Yemen; British Treasury Chief Announces Tax Cuts

The U.S. and Britain conduct airstrikes targeting Iran-backed Houthis in Yemen following attacks in Iraq and Syria. British Treasury Chief announces tax cuts to improve Conservative Party's ratings ahead of a general election. The economy faces challenges from recession, inflation, and energy price spikes.