Cost-of-living boost as inflation closes in on 2% target

INFLATION is expected to fall close to its target today in a major boost for Rishi Sunak's economic policies.

- Martyn Brown

The rate is likely to plunge to around 2%, easing the cost-of-living crisis for millions.

It will be the second dose of good news for the Prime Minister in the past 24 hours after the International Monetary Fund said our economy is growing faster than previously expected.

And it could not come at a better time for Mr Sunak as he seeks to persuade voters that the economy is in safe hands, ahead of a general election later this year.

Earlier this month, officials said Britain's economy is "going gangbusters" as it surges out of a mini-slump.

That was reaffirmed as the IMF gave our economy a better-than-expected health check.

The global body said that gross domestic product is expected to grow by 0.7% for 2024, following 0.6% growth over the first quarter.