By Tuba Ongun
The annual consumer inflation rate in the UK eased to the Bank of England's target of 2%, in line with expectations, according to official data released on Wednesday.
The figure decreased from 2.3% in April and hit its lowest level since July 2021, the Office for National Statistics data showed.
The decline was mainly driven by a slowdown in food prices, which rose by 1.7% in May compared to 2.9% in the prior month.
Core inflation, excluding volatile food and energy prices, also cooled to 3.5% in May, the lowest since Oct. 2021.
On a monthly basis, the Consumer Prices Index gained 0.3% in May and remained stable as compared to April.