UK inflation touches BoE’s target

Alignment with goal expected to be short lived but opens door to rate cuts later in year

Bank of England
Bank of England
Photo: Juno Snowdon Photography

Consumer price inflation in the UK hit the Bank of England’s (BoE) 2% target in May, after nearly three years above the central bank’s goal.

Today (June 19), the Office for National Statistics said CPI was exactly 2% year on year in May, down from 2.3% in April. The decline was in line with analysts’ expectations and the BoE’s forecast for the second quarter of 2024.

Inflation was last at 2% in July 2021, and hit a peak of 11.1% in October 2022, after the war in Ukraine drove up energy prices.


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