UK inflation falls to fresh record low in January

Inflation fell to 0.3% in January, the lowest level ever recorded, as price growth continued to slump on the back of falling oil prices.

UK CPI inflation fell from 0.5% in December to 0.3% in January, slightly below the consensus forecast of a drop to 0.4%. December's reading represented the joint-lowest level since the CPI index was established in 1989, with today's reading marking the first time this measure of inflation has fallen below 0.5%. Falling prices for motor fuels and food were the main contributors to the latest slowdown, according to the Office for National Statistics. The RPI measure of inflation, meanwhile, rose by 1.1% in the year ending January 2015, down from 1.6% in December 2014. More notable...