Tuesday, July 23, 2024

UK inflation rate falls to lowest level in almost three years

UK inflation fell to 2% in the year to May, official figures show reports the BBC.

It marks a fall from 2.3% in April, according to the Office for National Statistics, and means that inflation has fallen back to the Bank of England’s 2% target for the first time in nearly three years.

The Consumer Price Index – which tracks how the price of a typical basket of items changes over time – rose by 2% in the 12 months to May 2024 – which is down from the 2.3% in the 12 months to April. 

It means prices are still rising but at a slower rate than previously. 

According to the ONS, the largest downward contribution to the monthly change in annual rates came from food. (Last month, falling gas and electricity prices were cited as a big part of the reason behind the sharp fall in April’s inflation number.)

Core inflation – which excludes energy, food, alcohol and tobacco – rose by 3.5% in the 12 months to May 2024, which is down from 3.9% in April.

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