Britain’s annual inflation rate slid to 0.5 percent in May, the lowest level in four years, as the country’s coronavirus lockdown dampens prices, official data showed Wednesday.
Analysts said the data, along with recent figures showing a surge in UK unemployment and a massive contraction in the country’s economic output, meant the Bank of England was certain to pump billions more pounds into the economy under so-called quantitative easing (QE).
The Consumer Prices Index annual inflation rate slumped to 0.5 percent last month from 0.8 percent in April, the Office for National Statistics said in a statement Wednesday.
The CPI rate stood at 1.5 percent in March and at 2.0 percent in May 2019 and the last time it had stood at 0.5 percent was in June 2016.
Inflation continued to slide last month despite a rebound in oil prices.—APP