UK Inflation Hits Bank of England Target for First Time in Nearly Three Years

For the first time in almost three years, inflation in the UK has hit the Bank of Englands 2% target, down from 2.3% in April. This development comes amid debates on the economy ahead of the general election on 4 July. The Conservatives claim their policies are working, while Labour highlights ongoing financial pressures on families. The Bank of England is expected to hold interest rates at 5.25%, a 16-year high, with no cuts anticipated until August. Despite the inflation drop, prices for petrol and food remain high, causing continued strain on household budgets.