Key facts
- UK inflation fell to 2.3% in May.
- This is the lowest rate in nearly three years.
- The figure is within the Bank of England's 2% target.
- Falling food prices contributed to the decrease.
- Services inflation also slowed.
UK inflation has fallen to 2.3% in May, reaching its lowest level in nearly three years. The Office for National Statistics (ONS) reported the decrease, which brings the inflation rate within the Bank of England's target of 2%. This slowdown is largely attributed to a decrease in food prices and a moderation in the pace of services inflation. The previous month, April, saw inflation at 3.9%. The latest figures suggest a cooling inflationary environment in the UK economy.