Osborne: Low inflation shows economic security

George Osborne says today's inflation figures show further evidence of Britain's economic security.

Asked whether house price rises of 9.9% were a cause for further action, the Chancellor said the Bank of England had been given further powers to intervene if necessary.

Read: Inflation falls to 1.5% in May

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Inflation falls to 1.5% in May

CPI inflation has now been at or below its 2% target for six months.