Inflation falls to lowest rate on record

The Consumer Prices Index fell from 0.5% in December to 0.3% in January, matching some analysts' estimates. It represents the lowest annual rate since the CPI numbers were first calculated in 1989. Falling prices for motor fuels and food were the main contributors to the slowdown, according to the Office for National Statistics. The Retail Prices Index grew by 1.1% in the year ending January 2015, down from 1.6% in December 2014. Last week, the Bank warned Britain was sliding towards its first period of negative inflation in more than 50 years. Governor Mark Carney, said: "It...