22nd June 2012
But with lower inflation, rising employment and a resumption in consumer spending, might the UK economy be a source of cheer amid the gloom?
The first piece of good news was on UK inflation. The annual consumer prices index fell from 3% in April to 2.8% in May, its lowest level since 2009. The drop was driven by lower commodities prices, leading to weaker food price inflation and falling fuel prices.