This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-31501805

The article has changed 5 times. There is an RSS feed of changes available.

Version 1 Version 2
CPI inflation rate falls to record low of 0.3% in January UK inflation rate falls to record low of 0.3% in January
(35 minutes later)
The rate of UK Consumer Prices Index inflation fell to 0.3% in January, its lowest level since CPI records began.The rate of UK Consumer Prices Index inflation fell to 0.3% in January, its lowest level since CPI records began.
Inflation as measured by the Consumer Prices Index fell from 0.5% in December, helped by cheaper motor fuel.Inflation as measured by the Consumer Prices Index fell from 0.5% in December, helped by cheaper motor fuel.
The Bank of England has said inflation may temporarily turn negative in the spring.The Bank of England has said inflation may temporarily turn negative in the spring.
A supermarket price war has also contributed to the fall in the inflation rate.A supermarket price war has also contributed to the fall in the inflation rate.
Inflation as measured by the Retail Prices Index to 1.1% from 1.6% the previous month, the Office for National Statistics. It is the lowest rate of CPI inflation since estimates of the measure began in 1988.
"Falling prices for motor fuels and food were the main contributors to the slowdown in the rate of inflation," ONS said. Oil falls
Inflation as measured by the Retail Prices Index fell to 1.1% from 1.6% the previous month, the Office for National Statistics said.
"Falling prices for motor fuels and food were the main contributors to the slowdown in the rate of inflation," it added.
ONS statistician Phil Gooding said average petrol prices had fallen on the month, as had prices for foodstuffs such as milk, fruit, and games, toys and hobbies.
He added that a slowdown in the rate of price inflation for alcohol and some recreational goods and services had also contributed to the overall slowdown.
The ONS said that while the cost of food and fuel is lower than a year ago, prices for other items, such as clothing and furniture, are rising.The ONS said that while the cost of food and fuel is lower than a year ago, prices for other items, such as clothing and furniture, are rising.
A lower inflation rate was "excellent news for consumer's purchasing power" said Howard Archer, chief UK and European economist for IHS Global Insight. 'Purchasing power'
A lower inflation rate was "excellent news for the consumer's purchasing power", said Howard Archer, chief UK and European economist for IHS Global Insight.
"With inflation likely to fall further and earnings growth now finally trending upwards, consumers should see appreciable improvement in their purchasing power as 2015 progresses," he said."With inflation likely to fall further and earnings growth now finally trending upwards, consumers should see appreciable improvement in their purchasing power as 2015 progresses," he said.
However, he noted that core inflation, which strips out food, energy, alcohol and tobacco prices, rose to 1.4% in January from 1.3% the month before. However, he noted that core inflation, which strips out food, energy, alcohol and tobacco prices, rose to 1.4% in January from 1.3% the month before.
"The rise in core inflation highlights the fact that the UK is far from suffering generalised deflation," he said."The rise in core inflation highlights the fact that the UK is far from suffering generalised deflation," he said.