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UK inflation touches BoE’s target
Alignment with goal expected to be short lived but opens door to rate cuts later in year
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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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