UK inflation touches BoE’s target
Alignment with goal expected to be short lived but opens door to rate cuts later in year
Consumer price inflation in the UK hit the Bank of England’s (BoE) 2% target in May, after nearly three years above the central bank’s goal.
Today (June 19), the Office for National Statistics said CPI was exactly 2% year on year in May, down from 2.3% in April. The decline was in line with analysts’ expectations and the BoE’s forecast for the second quarter of 2024.
Inflation was last at 2% in July 2021, and hit a peak of 11.1% in October 2022, after the war in Ukraine drove up energy prices.
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