Inflation fell sharply to a four-and-a-half-year low in May as supermarket price wars pushed food and drink costs to their steepest decline in nearly a decade.

To send a link to this page to a friend, you must be logged in.

The Consumer Prices Index (CPI) measure of inflation dropped more heavily than expected to 1.5pc, from 1.8pc the month before, the Office for National Statistics (ONS) said.

CPI equalled the rate seen in October 2009. It was last lower, at 1.1pc, in September 2009.

The latest figures mark the sixth month in a row when the rate has been at or below the Bank of England’s 2pc target, the first time this has happened since 2009.

1 comment

The views expressed in the above comments do not necessarily reflect the views of this site

ADVERTISEMENT

ADVERTISEMENT

Most read business stories

Oliver Arnold of Spring Farm Partnership who has bought out Quinto Crane & Plant Ltd. Picture: DENISE BRADLEY

New owners of East Anglia-based Quinto Cranes

One of East Anglia’s largest crane hire companies, Quinto Crane & Plant Ltd, has been bought out in a multi-million pound deal, with the new owner promising to safeguard the jobs for its 125 employees and guaranteeing future investment.

Read full story »

loading...

ADVERTISEMENT

ADVERTISEMENT