The Office for National Statistics released inflation figures for May on Wednesday.
U.K. inflation fell to the Bank of England's target of 2.0% in May, the Office for National Statistics said Wednesday.
The headline reading declined from 2.3% in April, bringing it in line with the central bank's 2% target.Shoppers on the high street in the Kingston district of London, U.K.U.K. inflation fell to the Bank of England's target of 2.0% in May, the Office for National Statistics said Wednesday, in the last print of the key economic measure ahead of national elections in July.and came in line with the 2% expectations of economists polled by Reuters.
Services inflation — which is closely watched by the BOE given its dominance within the U.K. economy and its reflection of domestically-generated price rises — was at 5.7% in May, versus 5.9% during the previous month.Unseasonably bad weather led to the slowest increase in grocery sales in two years, new figures from U.K. market research firm Kantar showed Tuesday. Grocery sales rose 1.
It comes as the U.K. gears up for its general election on July 4, with polls pointing to a landslide victory for the opposition Labour party.
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