PM hails 'great news' as UK inflation returns to normal levels
Rishi Sunak, the Prime Minister, has hailed the latest inflation figures as "great news" as the UK's Consumer Prices Index (CPI) fell to 2 per cent in May, lower than France, Germany, and the US.
Success of economic plan
Sunak attributes the drop in inflation to the success of his economic plan, stating that bold actions have led to the economy turning a corner.
Political reactions
While Sunak praised the progress, Shadow Chancellor Rachel Reeves criticized the Conservatives, highlighting that working people are worse off after 14 years of economic chaos.
Bank of England's next move
The Bank of England is expected to hold off on interest rate cuts until after the General Election on July 4, given the stubborn services inflation that remains high.
Caution advised
Economists warn that while the current inflation rate is positive, there are underlying price pressures that could push inflation back above the 2% target in the near future.
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