Labour says pressure on family finances still acute as UK inflation falls to 2%

Rachel Reeves warns cost of living crisis is not over, as inflation hits official target for first time in three years

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The shadow chancellor, Rachel Reeves, has said pressure on household finances remains “acute” despite official figures showing inflation fell to 2% in May, returning to the official target rate for the first time in nearly three years.

The Office for National Statistics (ONS) said the consumer prices index (CPI) had eased in May, down from 2.3% in April, raising expectations of a cut in borrowing costs by the Bank of England.

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