According to the latest figures from the Office for National Statistics (ONS), the underlying rate of inflation for January fell to the lowest since records began in 1976, to just 1.8%, far below the government target of 2.5%.
The headline rate of inflation, which had already seen a drop during December when it reached 2.9%, also decreased, to 2.7%. The ONS said the main reason for the January fall was a 4p per litre cut in the price of unleaded petrol.
The Retail Prices Index for January was 171.1.
Subscribers can access RPI trends by selecting “Encyclomedia” from the drop-down box at the top of this page.
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