UK inflation drops to lowest since 2016 as coronavirus hits

Britain's inflation rate fell sharply in April to its lowest since August 2016 as retailers resorted to discounts in the face of the coronavirus shutdown, global oil prices slumped and regulated water and power tariffs slid.

The consumer price index dropped to an annual rate of 0.8% in April from 1.5% in March, official data showed on Wednesday.

Economists polled by Reuters had mostly thought the CPI would fall to 0.9%.