CPI

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The Office for National Statistics this morning revealed UK CPI inflation turned negative for the first time on record, but key industry figures suggest this deflationary spell will be temporary.

UK CPI inflation has turned negative for the first time on record, as the recent slump in the oil price continues to put deflationary pressures on the UK economy.

The UK's headline inflation rate avoided negative territory in March but core inflation saw a surprise drop to its lowest level in nine years, latest figures show.

The UK employment rate in the three months to January hit a record high of 73.3%, according to latest figures released by the Office for National Statistics (ONS).

The FTSE 100 is within sight of its all-time high after closing at its highest level for 15 years on Tuesday.

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.

The sharp fall in the UK inflation rate is not cause for concern, Chancellor George Osborne will say in a speech later today.

Figures released this morning by the Office for National Statistics showed UK CPI inflation fell to a surprise 0.5% in December, the lowest level since May 2000. We round up the reaction from leading investors and economists.

UK consumer price inflation has fallen to a 15-year low of just 0.5%, driven by plunging oil prices.