Britain’s inflation falls to Bank of England target, underlying pressure weak
LONDON, June 19 - Britain’s inflation rate cooled in May and cost pressures in factories fell to a three-year low, according to data that might reassure the Bank of England that there is no urgency to raise interest rates.
Stable inflation, combined with the lowest unemployment rate in 44 years and rising wages, has taken the edge off the uncertainty about Brexit for many households whose spending drives Britain’s economy. “Inflation eased in May, as travel prices such as air fares fell back after their Easter highs in April,” ONS statistician Mike Hardie said.
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