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.
Lower prices growth will give encouragement to Rishi Sunak after the prime minister made bringing inflation under control one of his main aims. The release of the inflation figures represents one of the last significant economic indicators before the election on 4 July.
Sunak said the fall in inflation was "great news" and meant consumer prices were rising at a slower rate than in Germany, France and the US. "When I became prime minister inflation was at 11%. But we took bold action. We stuck to a clear plan and that's why the economy has now turned a corner," he said.
However, Reeves said inflation under the Conservatives had left "working people worse off".
She told the BBC: "Of course it's welcome that inflation has returned to target for the first time in nearly three years.
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