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UK rate of inflation falls to record low

UK rate of inflation falls to record low
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Lower food prices – helped by a supermarket war and cheaper petrol prices were significant factors in helping to cut the UK’s rate of inflation.

It fell to 0.3 percent in January, its lowest level since records began, figures from the Office for National Statistics showed.

The lower inflation rate was, “excellent news for the consumer’s purchasing power,” said one analyst.

The Bank of England said last week the rate of inflation may temporarily turn negative in the spring.

But figures for core inflation which strips out food, energy, alcohol and tobacco prices rose to 1.4 percent in January from 1.3 percent the month before.