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TODAY'S OTHER NEWS

Attention turns to interest rates as inflation slows

The rate of inflation slowed to 2% in May, hitting the Bank of England’s target.

Data from the Office for National Statistics (ONS) shows the Consumer Prices Index (CPI) rose by 2.0% in the 12 months to May 2024, down from 2.3% in April.

The largest downward contribution came from food, with prices falling this year but rising a year ago.

Motor fuel costs continue to rise on a monthly basis though.

Attention has now turned to interest rates.

Commenting on the latest data, Nathan Emerson, chief executive of Propertymark, said:   “With inflation now back down to the levels initially targeted, Propertymark is extremely keen to see this now inspire a drop in interest rates.

“Since the start of the year, we have witnessed many hints that rates may see a cut midyear and we now want to see this all click into place, with lenders bringing a new raft of competitive mortgage at the first opportunity.”

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