UK inflation reached the Bank of England's 2% target in May, falling from 2.3% in April, according to the Office for National Statistics.

UK inflation fell to the Bank of England's 2% target in May, according to the Office for National Statistics, easing from 2.3% in April. Prime Minister Rishi Sunak hailed the news as "great" and claimed that the economy had turned a corner. The drop in inflation was driven by falling food prices, but was offset by rising motor fuel and transport costs. The latest inflation data comes ahead of the Bank of England's Monetary Policy Committee meeting on Thursday, where economists expect interest rates to remain at 5.25%.

June 19, 2024
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