Inflation in the U.K. has returned to the Bank of England’s target rate of 2% for the first time in nearly three years
Inflation in the U.K. returned to the Bank of England’s target rate of 2% for the first time in nearly three years, official figures showed Wednesday, a development that has been seized on by the governing Conservative Party that its economic plan is “working” ahead of the July 4 election.
The Office for National Statistics said inflation, as measured by the consumer prices index, fell to 2% in the year to May from 2.3% the month before with food prices providing the biggest downward contribution.
Though the decline merely means that prices are rising at a slower rate than they have for the past few years during one of the cost of living crisis, Conservative Prime Minister Rishi Sunak sought to take credit for the fall, and argued it was further evidence that the “economy has now turned a corner.
