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UK inflation falls to lowest since June 2016 in May

17 June 2020 12:20 (UTC +04:00)

British inflation fell to its lowest level since June 2016 last month as the coronavirus pandemic sucked demand from the global economy and caused oil prices to tumble, leaving the Bank of England free to ramp up its stimulus programme again, APA reports citing Reuters.

Consumer price inflation slowed to 0.5% from April’s 0.8%, 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, falling to 1.2% from April’s 1.4%. Economists had forecast a small drop to 1.3%.