UK inflation rate remains at zero

The UK’s inflation rate remained at zero in March, according to new figures released today by the Office for National Statistics (ONS).

Measured by the Consumer Prices Index (CPI), this represents the lowest rate of inflation since records began in 1989 as a fall in clothing prices and a rise in petrol prices helped to maintain the rate.

The ONS said a fall in clothing and fuel prices produced the largest downward contributions to change in the inflation rate, however these were offset  by a rise in the price of motor fuels and smaller upward contributions from a variety of other products such as food.

The inflation rate means that the cost of living is around the same as it was the same time last year.