July 19, 2024

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UK Inflation Slows to 2% Goal for First Time in Three Years

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British inflation fell back to the Bank of England’s 2% target for the first time in almost three years, a milestone that likely comes too late to improve the political fortunes of Prime Minister Rishi Sunak before the looming election.

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(Bloomberg) — British inflation fell back to the Bank of England’s 2% target for the first time in almost three years, a milestone that likely comes too late to improve the political fortunes of Prime Minister Rishi Sunak before the looming election.

The Consumer Prices Index eased in May from 2.3% the month before, the Office for National Statistics said on Wednesday. While that should keep the central bank on track for interest-rate cuts later this year, services inflation remained sticky, which is likely to keep policymakers cautious about acting.

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Bloomberg News

2024-06-19 02:58:04

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