UK inflation, May 2024

Shoppers on the main street in the Kingston district of London, England

Bloomberg | Bloomberg | getty images

Britain's inflation rate in May fell to the Bank of England's target of 2.0%, the Office for National Statistics said Wednesday in its last print edition of key economic data ahead of the July general election.

The headline figure was down from 2.3% in April and in line with the 2% expectation of economists polled by Reuters.

Sterling rose slightly immediately after launch, trading at $1.2721 by 7:33 a.m. London time.

Services inflation, which the BOE closely monitors to reflect its dominance within the UK economy and domestically generated inflation, stood at 5.7% in May, compared with 5.9% the previous month.

Core inflation, excluding energy, food, alcohol and tobacco, fell to 3.5% from 3.9% in April.

The ONS said falling food prices were the biggest driver of the decline, while motor fuel costs continued to face upward pressure.

Grocery sales rose at their slowest pace in two years due to unseasonably bad weather, British market research firm Kantar said on Tuesday. According to the index, grocery sales rose 1.0% in the four weeks to June 9, marking the 16th consecutive month of falling food inflation.

The Bank of England's decision is in focus.

Recent reports have shown inflation to be in line with the BOE's targets, but Schroders chief European economist and strategist Azad Zangana said upward pressure could return in the second half of the year as the UK phases out energy price caps. I warned you that it might happen.

“Starting in the third and fourth quarter, we will see some more upward pressure, as the Bank of England has warned,” he said on CNBC’s “Squawk Box.”

Zangana suggested the bank may “surprise” markets with a rate cut this week at its meeting next Thursday. Otherwise, the bank is widely expected to keep rates steady at 5.25% after August 2023, when inflation would hover around 7.9%.

Nonetheless, with inflation now closer to target, the market is pricing in a near-term cut. All but two of 65 economists surveyed by Reuters last week said they expect a rate cut in August, while financial markets expect such a cut in September.

This economic performance comes as Britain prepares for a general election on July 4, with opinion polls predicting that the opposition Labor Party will win a landslide victory.

In a post on social media platform

Opposition politician Rachel Reeves acknowledged that although inflation was rising at a slower pace, “the cost of living crisis remains severe” for many families.

Sources 1/ https://Google.com/ 2/ https://www.cnbc.com/2024/06/19/uk-inflation-may-2024.html The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos