Inflation in the United Kingdom has returned to the target rate of 2% for the first time in nearly three years, just weeks before citizens head to the polls.

The British News Agency (PA Media) reported from the Office for National Statistics that the Consumer Price Index inflation fell to 2% in May from 2.3% in April.

This comes after nearly three years of inflation above the target rate, with the last time the Consumer Price Index recorded 2% being in July 2021, before it rose amid a cost of living crisis.

Data is set to be closely monitored ahead of the Bank of England's upcoming interest rate decision tomorrow, Thursday, but it is widely expected that policymakers will refrain from any criticism of any interest rate cuts until the next general election scheduled for July 4.