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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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UK inflation falls to 0.3% in January

The UK inflation rate fell to 0.3% in January - the lowest annual rate on record, official figures show.

The inflation rate has fallen once again in the UK. Credit: PA Wire

The rate of Retail Price Index inflation also fell to 1.1% from 1.6% the previous month.

The Office for National Statistics said falling prices for food and fuel were the main factors behind the drop.

ITV News Economics Editor Richard Edgar said the 0.9% fall in inflation over the past year is the largest since 2001.

Families look beyond figures to their shopping baskets

At the sharp end of all the facts and figures from the Bank of England families are scrutinising their shopping baskets, and the businesses plying their trade week in, week out.

ITV News consumer editor Chris Choi reports from Sheffield - were people are just as anxious to know what the future holds for the economy.

Osborne tweets support for action on low inflation

George Osborne has said he agrees with Bank of England governor Mark Carney's positive assessment of the state of the country's economy.

The Chancellor took to Twitter to voice his support for "whatever action is needed" to bump inflation back up to target, amid predictions it could drop below zero in the coming months.

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