Inflation has hit the Bank of England’s target for the first time in almost three years.
Prices rose at 2% in the year to May, down from 2.3% the month before, official figures show.
The economy is a key talking point in the run-up to the general election on 4 July, with all of the main parties debating how they would keep the cost of living under control.
The Bank of England will look at these numbers on Thursday to decide what to do about interest rates.
The easing in the inflation rate was driven by a slowdown in price rises for food and soft drinks, recreation and culture, and furniture and household goods.
Inflation hit 11.1% – its highest level in over 40 years – in October 2022, because oil and gas were in greater demand after the Covid pandemic. Energy prices surged again when Russia invaded Ukraine, cutting global supplies.
The last big official economic statistics of the general election campaign will be sure to spark a significant debate among the main parties.
The Conservatives will hope the figures can help its story of an economic turnaround.
Labour will continue to press concerns about an ongoing cost of living crisis.
Food prices are still 25% higher than at the beginning of 2022 and petrol prices are now on way up again.
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