UK inflation slows on oil price crash, coronavirus

• CPI 12-month rate slowed to 1.5 percent in March from 1.7 percent in February, the Office for National Statistics said in a statement.

LONDON: British annual inflation slowed last month as slumping oil prices slashed motor fuel costs and on discounting by clothes shops to attract coronavirus-weary customers before lockdown, official data showed Wednesday.

The Consumer Prices Index (CPI) 12-month rate slowed to 1.5 percent in March from 1.7 percent in February, the Office for National Statistics said in a statement.

Market expectations had been for an easing to 1.6 percent.

The UK government implemented Britain's lockdown on March 23, as part of global efforts to half the spread of the COVID-19 outbreak.

"The inflation rate slowed again in March, mainly due to falling prices for clothing and motor fuel," said ONS head of inflation Mike Hardie.

"Clothing prices normally rise between February and March as new year discounting ends.

"However, this year the price of clothes has eased due to some retailers offering discounts due to decreased footfall in stores before the lockdown started."

He added that a slump in oil prices also aided manufacturers.