UK inflation falls to Bank of England’s 2% target rate for first time in nearly 3 years

By PAN PYLAS
Associated Press

LONDON (AP) — Inflation in the U.K. has returned to the Bank of England’s target rate of 2% for the first time in nearly three years. The development that has been seized on by the governing Conservative Party that its economic plan is “working” ahead of the general election in just over two weeks. The main opposition Labour Party says working people “worse off,” with mortgage rates higher than they have been for years and taxes at a 70-year high. The Office for National Statistics said Wednesday inflation, as measured by the consumer prices index, fell to 2% in the year to May from 2.3% the month before with food prices providing the biggest downward contribution.