Inflation officially back to Bank of England's target level of 2%

Data shows a 2% year-on-year fall ‘in line with consensus expectations’

Hope Coumbe
clock • 2 min read

Inflation has fallen to the target level of 2% in the UK for the first time in almost three years, data published today (19 June) shows.

Consumer Prices Index (CPI)-measured inflation fell to 2% in May – the first time it has been at the Bank of England's (BoE) preferential level since July 2021. The 2% recorded is down significantly on the recent highest peak of 11.1% recorded in October 2022. "It's been a long time coming," said Hargreaves Lansdown head of money and markets Susannah Streeter. "The last time inflation stood at 2% was…just before pent-up demand was unleashed while pandemic restrictions eased." Office for National Statistics figures today show core inflation was 3.5% in May, down from 3.9% in April, ...

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