U.K. Inflation Rate Drops to Lowest Since 2009
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Britain’s inflation rate fell to the lowest in 4 1/2 years in May as food and transport costs declined, providing Bank of England policy makers breathing space over interest rates.
Consumer prices rose 1.5 percent in May, the least since October 2009 and down from a rate of 1.8 percent in April, the Office for National Statistics said in London today. That compares with a median forecast of 1.7 percent in a Bloomberg News survey. Inflation has been at or below the BOE’s 2 percent target for six months, the longest stretch since 2009.