Finally some good news for Rishi Sunak. Inflation fell to the Bank of England’s official target of 2% for the first time in three years in May. According to the ONS, it’s down from the 2.3% figure in April – a figure Rishi thought was good enough to call the election on that day. Meanwhile, core inflation slowed to 3.5%. Rishi’s already jumping on this to show that his “plan is working”, though it might be a bit late…

The fall is mainly thanks to food price rises easing to 1.7%, down from 2.9% in April. Still, the battle isn’t over yet. Should prices keep climbing at this month’s pace (0.3%), inflation will breach the 2% target again next month, hitting 2.1%. Though the fall in inflation was largely expected, the Bank of England still doesn’t look set to lower interest rates this month, it’s more likely to see cuts in August instead. Things can only get better…?