The rate of inflation has tumbled to its lowest level since 2016 despite official figures suggesting shop prices remained relatively stable during the COVID19 lockdown last month
The ONS noted a record 16.7% fall in fuel prices last month compared to a year earlierThe rate of inflation has tumbled to its lowest level since 2016 despite official figures suggesting shop prices remained relatively stable during the COVID-19 lockdown last month.
The Office for National Statistics said the Consumer Prices Index measure fell to 0.5% in May from an annual rate of 0.8% the previous month.began in earnest. The easing is welcome for UK household budgets, at a time when jobs and wage growth are under significant pressure amid the economic slump resulting from the lockdown.Figures released on Tuesday by the ONS suggestedAdvertisement
The number crunchers said the main downward contribution to inflation in May came from motor fuels following a record drop of almost 17% in costs at the pump - building onIt also charted continuing declines in clothing and energy prices - falling 3% and 7% respectively last month compared to a year earlier.
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