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Inflation expected to continue to shrink

Inflation was down in March as oil prices fell and the coronavirus kept shoppers away from stores, according to Office for National Statistics (ONS) figures. The Consumer Prices Index (CPI) inflation rate was 1.5% for the month - down from 1.7% in February.

Separately, analysis by KPMG suggests the West Midlands will be hit harder than any other region by the coronavirus pandemic with the region expected to see a 10.1% fall in economic activity. KPMG said London was better placed than other regions to maintain its economic activity, despite suffering the highest number of cases and deaths in the pandemic. The capital will contract by 7.3% this year, the report found.

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