Reported 8 months ago
British inflation has fallen back to the Bank of England’s 2% target for the first time in nearly three years, with consumer price growth easing in May from 2.3% the previous month. This milestone, coming just before the looming election, is unlikely to significantly impact Prime Minister Rishi Sunak's political fortunes. While the decrease is a positive development in the cost-of-living situation, it's not expected to reverse the ruling Conservative Party's downward trend in polls ahead of the upcoming election on July 4. The Bank of England is likely to keep interest rates on track for cuts, with lingering signs of higher-than-expected prices in the services sector.
Source: YAHOO