After a three-year saga, inflation has finally returned to the Bank of England’s target. The Office for National Statistics reports this morning that the inflation rate slowed to 2 per cent in the 12 months to May 2024: its lowest point since July 2021.
The greatest contribution came from another slowdown in food and non-alcoholic beverages: having once peaked at a staggering 19.1 per cent in 2023, prices have now slowed to 1.7 per cent in the year to May, down from 2.9 per cent in the year to April.
It’s a painful reminder of what triggered an early election in the first place
Clothing and footwear also played a role, slowing to 3 per cent in the year to May, down from 3.7 per cent in April. Some of this was off-set by rising transport costs, largely thanks to a rise in motor fuel duty, which saw the division rise by 0.3
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