Jeremy Hunt backed brutal hikes in interest rates today despite fears of a mortgage meltdown and recession - after inflation defied expectations by staying at eye-watering levels last month.The headline came in at 8.7 per cent in May, the same as the figure for April. Analysts had pencilled in a drop to 8.4 per cent.In a particularly grim sign, core inflation actually rose to 7.1 per cent, the fastest pace since 1992.
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