UK inflation slides to 0.5% in May on virus lockdown

Britain's annual inflation rate slid to 0.5 percent in May, remaining at a near four-year low as the country's coronavirus lockdown dampened prices, official data showed Wednesday.

The Consumer Prices Index (CPI) annual rate slumped last month from 0.8 percent in April, the Office for National Statistics said in a statement.

The rate had stood at 1.5 percent in March and at 2.0 percent in May 2019. 

Inflation continued to slide last month despite a rebound in oil prices.

"Global prices for crude oil fell sharply from the beginning of 2020 before recovering throughout May, albeit to levels well below the start of the year," the ONS noted. 

"Within the UK, those rises were not seen at the (petrol) pumps as the coronavirus lockdown continued."

Inflation dropped also as the lockdown led retailers to cut prices of recreational items including toys, the ONS added.