(MENAFN- Saudi Press Agency) Britain's consumer price inflation dropped to 0.3 percent year-on-year in January, its lowest recorded level, the government said on Tuesday.
Falling prices of oil and food were the main contributors to the slowdown in growth of the consumer price index from 0.5 percent in December, dpa quoted the Office for National Statistics as saying.
Chancellor George Osborne said the record-low inflation was 'a milestone for the British economy. It's great news for families, whose budgets will stretch even further. It shows that those who went around predicting a cost of living crisis were plain wrong.'
He said the government would 'remain vigilant to all risks, particularly when the global economic situation is so uncertain.'
The producer price index, which tracks wholesale prices, fell 1.8 percent year-on-year in January 2015, another record, after dropping 1.1 percent in December.
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