UK Inflation Falls to 2% in May, Boosting Sunak's Election Campaign

Jun 19, 2024, 07:05 AM

UK inflation has fallen to the Bank of England's target rate of 2% for the first time in nearly three years, according to official figures for May. This marks a significant decrease from the 11.1% peak in October 2022. The reduction in inflation is largely attributed to falling food prices. Prime Minister Rishi Sunak and Chancellor Jeremy Hunt have highlighted this achievement as a result of the government's economic policies, with Sunak pledging further tax cuts. The timing of this development is seen as a positive boost for Sunak's election campaign next month. June also saw UK grocery inflation fall for the 16th month in a row, providing additional cheer for the government. However, experts caution that while inflation has decreased, consumer prices continue to rise, albeit at a slower rate. The inflation rate in April was 2.3%.