United Kingdom (UK) inflation slowed in May to the central bank’s target of two percent, official data showed, giving a boost to Prime Minister Rishi Sunak’s election campaign.
The consumer price index fell in line with expectations from 2.3 percent in April, the Office for National Statistics announced, citing a slowdown in food price growth, reports AFP.
This followed nearly three years of above-target inflation, which last hit two percent in July 2021 before the cost of living soared.
The news comes ahead of the July 4th general election, for which polls predict will see Sunak’s Conservatives lose to Keir Starmer’s main opposition Labour Party.
Sunak welcomed this slowdown in inflation, but Labour criticized the Conservatives’ management of the economy.
”This is very good news because the last few years have been really difficult for everyone,” Sunak told LBC radio.
”Inflation has returned to the target, which means that people will begin to feel the benefits and alleviate some of the burdens of the cost of living, and the reason for this is the economic stability that we have restored,” he said.
