Inflation has nosedived to its lowest point in nearly three years, offering a welcome reprieve for the Prime Minister and mortgage holders yearning for interest rate cuts. According to the Office for National Statistics (ONS), the consumer prices index plummeted from 3.2% in April to 2.3%. Economists are thanking the unprecedented decline in typical energy bills last month…

Increases in food prices are also falling with food inflation dropping to 2.9%. This plunge marks the slowest pace of price growth since July 2021, although it wasn’t quite as low as the Bank of England expected – 2.1%. All eyes will be on whether the BoE will begin to cut interest rates in June or August. City traders are hoping it’ll be the former…