UK inflation falls to Bank of England's 2% target ahead of elections
What are the main factors that contributed to the decrease in inflation in May?
The main factors that contributed to the decrease in inflation in May include falling food prices, which were the largest contributor to the decline, and a slight drop in core inflation, excluding energy, food, alcohol, and tobacco1. Additionally, unseasonably bad weather led to the slowest increase in grocery sales in two years, according to new figures from UK market research firm Kantar. However, car fuel costs continued to see upward pressure. The Bank of England's decision to phase out its energy price cap may also have played a role in easing inflationary pressures.
What was the inflation rate in the U.K. for May as reported by the Office for National Statistics?
The inflation rate in the U.K. for May was 2.0%, as reported by the Office for National Statistics. This marked a decline from 2.3% in April and brought the rate in line with the Bank of England's 2% target. The decrease was mainly due to falling food prices, while car fuel costs continued to experience upward pressure.
How does the May inflation rate compare to the previous month's rate?
The May inflation rate, as reported by the Office for National Statistics, was 2.0%, a decrease from the 2.3% rate observed in April. This brings the inflation in line with the Bank of England's 2% target. The decline was largely attributed to falling food prices, while car fuel costs continued to exert upward pressure.