The Office for National Statistics released inflation figures for May on Wednesday.
U.K. inflation fell to the Bank of England’s target of 2.0% in May, the Office for National Statistics said Wednesday, in the last print of the key economic measure ahead of national elections in July.
The headline reading declined from 2.3% in April and came in line with the 2% expectations of economists polled by Reuters.
Sterling rose slightly shortly after the release, trading at $1.2721 by 7:33 a.m. London time.
Services inflation — which is closely watched by the BOE given its dominance within the U.K. economy and its reflection of domestically-generated price rises — was at 5.7% in May, versus 5.9% during the previous month.
Core inflation, excluding energy, food, alcohol and tobacco, dipped to 3.
