Inflation in Britain looks irritatingly persistent

FEW would call 2024 a brilliant year for the British economy. But one pleasant surprise was that inflation fell further, and faster, than most forecasters had expected. In early 2023 it was in double digits, but by April 2024 it was down to 2.3%, just 0.3 percentage points above the Bank of England’s target. On May 22nd, the day that figure was released, Rishi Sunak called a surprise summer election. The prime minister brazenly credited the drop to his government’s steady hand. Most voters thought otherwise and sent him to a heavy defeat at the polls six weeks later.