Chancellor George Osborne has hailed a fall in inflation to 0%, saying it shows Labour's economic argument has "literally come to nought".
Inflation at zero is a first for the British economy. Low inflation due to falling oil prices is good news for family budgets
Prices are frozen & as the recovery from Labour's Great Recession strengthens, their economic argument has literally come to nought
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'.
Prime Minister David Cameron has said that ONS figures showing inflation at 0% is 'good news for family budgets'.
Inflation is running at 0% - the lowest on record. It's good news for family budgets and a sign our long term plan is working.
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.
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.
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%.
The UK inflation rate fell to 0.3% in January - the lowest annual rate on record, official figures show.
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.
The fall in inflation over the past year - 0.9% - is the largest since 2001
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.
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.
Agree with Governor 'economy is growing strongly, unemployment is falling & earnings growth picking up'.Our #longtermeconomicplan is working
Must remain vigilant to upside and downside risks and I welcome that MPC will take whatever action is needed to return inflation to target