Posted by 
U.K. inflation is finally nearing the Bank of England’s 2 percent target after almost three years of sharp price increases.
Prices of goods and services in Britain rose by 2.3 percent in April compared with the year before, the Office for National Statistics said Wednesday.
Inflation cooled from the 3.2 percent annual increase recorded in March. On a month-on-month basis, prices increased by 0.3 percent.
The news will be welcome to U.K. Prime Minister Rishi Sunak and his Chancellor, Jeremy Hunt, who made bringing inflation down to the Bank’s 2 percent target a priority before a general election, expected later this year.
It may also embolden the Bank of England to begin to cut interest rates, which are still at their highest level in over a decade, at 5.25 percent.
U.K. inflation peaked at 11.1 percent in October 2022, the month Sunak took office.
