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The rate of inflation slowed to 2% in May, hitting the Bank of England’s target.
Data from the Office for National Statistics (ONS) shows the Consumer Prices Index (CPI) rose by 2.0% in the 12 months to May 2024, down from 2.3% in April.
The largest downward contribution came from food, with prices falling this year but rising a year ago.
Motor fuel costs continue to rise on a monthly basis though.
Attention has now turned to interest rates.
Commenting on the latest data, Nathan Emerson, chief executive of Propertymark, said: “With inflation now back down to the levels initially targeted, Propertymark is extremely keen to see this now inspire a drop in interest rates.
“Since the start of the year, we have witnessed many hints that rates may see a cut midyear and we now want to see this all click into place, with lenders bringing a new raft of competitive mortgage at the first opportunity.”
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