LONDON (UK) – Inflation in Britain fell to its lowest level since June 2016 last month as the coronavirus pandemic wiped out demand from the global economy and caused oil prices to tumble, leaving the Bank of England free to ramp up its stimulus programme again.
Consumer price inflation slowed to 0.5% from 0.8% in April, the Office for National Statistics said, in line with the average forecast in a Reuters poll of economists.
Core inflation – which excludes typically volatile energy, food, alcohol and tobacco prices – showed less of a decline, dropping to 1.2% from April’s 1.4%. Economists had forecast a small drop to 1.3%.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field