UK inflation returns to target for first time since 2021

LONDON: British inflation returned to its 2% target in May for the first time in nearly three years, official figures showed on Wednesday, as the economic effect of the COVID-19 pandemic and Russia's full-scale invasion of Ukraine faded.

The fall in inflation will be welcomed by both Prime Minister Rishi Sunak and the Bank of England - but likely has come too late either to turn around Sunak's fortunes at next month's election or to prompt a BoE rate cut on Thursday.