19 June 2024

 The Office for National Statistics has released the inflation data for the year up to May 2024.

Within, it shows that consumer price index (CPI) inflation is now at 2%, the target which the Bank of England aims for inflation to be kept to. This represents the lowest inflation has been on a yearly basis since April 2021, when it was 1.5%.

With the bank rates due on 20 June, it is unclear if the election period will have an impact on whether these rates are changed.

Another thing to consider is the road to September’s figures which are usually used for a range of benefits and threshold uplifts. With older monthly CPI figures falling off the yearly calculations, should current inflation figures continue, the September rate is likely to be relatively low, compared to the inflation rates we have seen in the past few years.

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