UK has first negative inflation since 1960

The UK’s annual rate of consumer price inflation fell below zero for the first time in more than half a century, official figures showed yesterday, though Bank of England governor Mark Carney said the dip was likely to be brief.

UK chancellor of the exchequer George Osborne also said the drop did not amount to “damaging deflation”, referring to a spiral of falling prices that hurt the economy.

The UK’s Office for National Statistics said consumer prices fell by 0.1% in April compared with the same month last year.