UK inflation rate falls AGAIN hitting Bank of England’s target – what it means for your money
THE UK's rate of inflation slowed again last month as the figure hit the Bank of England's (BoE) target.
Consumer Prices Index (CPI) inflation stood at 2% in May according to fresh numbers from the Office for National Statistics (ONS).
This is down from 2.3% in the 12 months to April, which marked the lowest level since July 2021.
It is also down from a peak of 11.1% in October 2022.
The latest figures mean inflation has hit the BoE's target of 2% for the first time since July 2021.
Inflation is a measure of how much the prices of everyday goods such as food and clothes, and services such as train tickets and haircuts, have increased compared to a year earlier.
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It's important to note when inflation falls that doesn't mean prices have stopped rising, just at a slower pace.
Today's figures will come as a boost to the Prime Minister Rishi Sunak who made lowering inflation one of his party's five pledges in January last year.
The BoE will also be watching the figures closely as it decides whether to lower its base rate tomorrow (June 20).
However, the central bank is expected to not cut interest rates until after the General Election on July 4.
It offers more hope to mortgage holders and prospective buyers that interest rates could come down sooner rather than later though.
It comes with interest rates at a 16-year high of 5.25%.