Why Sunak will struggle to win the credit for falling inflation
Spectator (UK)Jun 24
UK Inflation Hits 2% Goal
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The Facts
UK inflation sat at 2.0% in May, the Office for National Statistics reported Wednesday, reaching the Bank of England’s (BoE) target of 2% for the first time since July 2021.
Price decreases for food and soft drinks, along with slower rises for recreation, furniture, and household goods, drove May's lower inflation, which was down from 2.3% in April. Nonetheless, food prices remain 25% higher compared to early 2022.
The Spin
Right narrative
Prime Minister Rishi Sunak and the Tories have implemented an economic policy that is ending the UK’s cost-of-living problems far sooner than expected, and working people can’t afford to hand control over to Labour. By reaching the BoE’s target of 2%, interest rate cuts are on the horizon as the UK economy finally turns the corner.
Left narrative
Sunak and the Tories may try to claim credit for a positive inflation report that was driven by the BoE, but it's too little and far too late for it to have any impact on July’s election. The BoE almost certainly won’t cut interest rates on Thursday, and voters will remember Sunak’s tenure for the double-digit inflation of 2022.