The rate of inflation in the UK has fallen to its lowest level in nearly three years, statistics show.
Figures released by the Office for National Statistics (ONS) on Wednesday confirm that the Consumer Prices Index (CPI) inflation fell to 2% in May, down from 2.3% in April.
It means that prices of good and services are still rising but at a slower rate than before.
The Bank of England hasn’t met its 2% inflation rate goal since July 2021 when the cost of living crisis began to hit.
The data will be watched closely ahead of the institution’s next interest rate decision on Thursday but policymakers are widely expected to hold fire on any cuts until after the General Election on July 4.
It comes less than three weeks before polling day and as the political parties home in on economic pledges in their manifestos.
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