Inflation falls to target

U.K. inflation fell back to the Bank of England target of 2%, a level last seen in July 2021. The fall to 2% was inline with economic forecasts and put the headline rate below Eurozone countries and the USA. The news is unlikely to sway the MPC to cut interest rates at its 20th June meeting and a higher than expected rise in prices for services has led most economists to believe that a rate cut now won't take place until after the Summer.