Inflation, Britain hits 2% target in May
Continued downward trajectory after peak of 11.1% in October 2022
2' min read
2' min read
LONDON - Target hit for the first time in almost three years. British inflation fell to 2 per cent in May, the level forecast by the Bank of England, according to the latest figures released today by the Office for National Statistics (ONS).
Inflation, which was at 2.3% in April, thus continues its downward trajectory after peaking at 11.1% in October 2022, and Britain can boast a better figure than the eurozone (+2.6% in May) or the US (+3.3%).
Particularly positive was the fall in food prices: inflation in the sector, which had peaked at 19.2 per cent last year, fell to 1.7 per cent in May.
Prime Minister Rishi Sunak, engaged in an uphill election campaign, was quick to claim credit. "When I became prime minister, inflation was at 11 per cent," he said today. "We acted decisively, we implemented a clear strategy, and that is why the economy has turned the corner.
Sunak also warned voters that 'all progress made would be at risk with Labour'. Opinion polls continue to give the Conservatives, in power for 14 years, at a disadvantage and at least 20 points behind Labour ahead of the 4 July elections. Falling inflation, analysts say, is unlikely to change the Tories' prospects of a defeat at the polls.
