LONDON – Inflation in the U.K. fell to its lowest level in four years in May following a big coronavirus-related drop in prices at the pump, official figures showed Wednesday in a development that's bolstered expectations of another sizeable stimulus from the Bank of England.The Office for National Statistics said consumer prices increased by 0.5% in May from the year before and was down from 0.8% in April.
May's rate was the lowest since June 2016.The main downward contribution came unsurprisingly from fuel costs, which fell sharply in the wake of the big decline in crude oil prices.
Though oil prices have recovered from the historically low levels they hit in April after much of the world was put under coronavirus lockdowns, they remain.
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