Deflation ‘on cards’ as UK inflation hits zero

Inflation in the UK fell to zero last month setting the country on course for a period of falling prices for the first time in half a century.

The Consumer Price Index (CPI) measure of inflation dropped after recording 0.3% in January, according to the Office for National Statistics.

It was a sharper than expected fall and sets a new record low for CPI since comparable records began in 1989.