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Food and non-alcoholic drinks price fall of 3.3%

The latest fall came as food and non-alcoholic beverage prices saw a record year-on-year drop of 3.3%. They have been flat or falling for 10 months - the longest stretch since 2000 - amid the supermarket price war.

Fall of 3.3% on food and non-alcoholic drinks. Credit: PA

Staple products such as milk, cheese, eggs, bread, jam and chocolate were among those putting downward pressure on CPI.

Motor fuels also saw a record decline, at 16.6%. A litre of petrol fell to 107p in February from 108.3p in January, down from 129p in February last year.

CPI was also driven down by some retail prices that saw smaller than usual increases in February after January discounts.

Osborne: Labour's argument has 'literally come to nought'

Chancellor George Osborne has hailed a fall in inflation to 0%, saying it shows Labour's economic argument has "literally come to nought".

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Danny Alexander: Earnings are 'pulling ahead of prices'

Chief Secretary to the Treasury Danny Alexander has said that the new ONS figures on the economy show that 'earnings are pulling ahead of prices'.

ONS: House prices grew 8.5% in England

ONS: House prices grew 8.5% in England. Credit: PA

House prices grew 8.5% in England, 4.9% in Wales, 7.8% in Scotland & 7.3% in N. Ireland in year to January, according to the Office for National Statistics.

Consumer Price Index inflation fell to 0% in February

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

Consumer Price Index inflation fell to 0% in February. Credit: PA

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. Inflation is expected to dip further in coming months. An experimental model created by the ONS suggests the last time it was negative was in March 1960, at minus 0.6%.

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