LONDON
Consumer Prices Index grew by 0.3 percent in the year to January 2015 - the lowest level since record-keeping began in 1997, the U.K.'s Office for National Statistics has disclosed.
The figure marked a fall from 0.5 percent in December, the ONS said in a statement on Tuesday.
"Falling prices for motor fuels and food were the main contributors to the slowdown in the rate of inflation," the statement said.
The Bank of England warned on Feb. 12 that Inflation in Britain could turn negative in coming months.
The decline in oil prices and falling food prices is likely to push inflation to zero in the second and third quarters of 2015, probably dipping into negative territory for one or two months this spring, according to the UK's central bank governor Mark Carney.
Sustained low inflation can lead to deflation, a period of low prices accompanied by lack of economic growth.
