UK inflation drops to 2.8%, oil prices slide

UK inflation has dropped to 2.8%, its lowest level in two and a half years. The Office for National Statistics said that the Consumer Price Index (CPI) rate of inflation dropped to 2.8% last month, from 3% in April, the lowest level since November 2009.

A barrel of Brent crude oil on international markets slipped from $120 to $103 during May. The cost has since fallen further, to $83.

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