Cheap petrol drives inflation to a new low - The Times

Prices grew at their slowest pace in four years last month as cheap oil and subdued demand suppressed inflation.

Consumer prices inflation slowed to 0.5 per cent in May, down from 0.8 per cent in April and significantly below the Bank of England’s target of 2 per cent. The drop was in line with forecasts.

The slowdown was led by cheaper motor fuels as a result of the slump in the price of crude oil. Petrol prices fell by 2.8p per litre between April and May, compared with a rise of 4.2p a year earlier. Similarly, diesel prices fell by 2.6p per litre this year, compared with a 2.8p rise last year.

Prices for recreational and cultural goods fell by 0.1 per cent between April

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2020-06-17 23:01:00Z
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