The month of May marked the end of the UK's brief spell of negative inflation, but advisers and investors are being warned to beware the result.
Four 'keep calm' reactions to falling prices
Fears the UK economy is heading for a period of deflation have increased after the inflation rate dropped to zero for the first time since records began.
Are plummeting inflation numbers seen everywhere from the UK to China a sign of a deeper malaise?
Inflation fell to 0.3% in January, the lowest level ever recorded and firmly below the Bank of England's 2% target.
The Bank of England may have to resort to the interest rate cut that Governor Mark Carney alluded to in his Inflation Report speech this morning, according to some market watchers.
The Bank of England has said it is prepared to cut rates further and expand its quantitative easing (QE) programme should the current downward slide in inflation worsen.
Members of the Bank of England's Monetary Policy Committee (MPC) voted unanimously to keep interest rates on hold in January, the committee's latest minutes reveal, knocking expectations of a rise this year.
The sharp fall in the UK inflation rate should not be feared, Chancellor George Osborne will say in a speech later.
The latest figures from the Office for National Statistics showed UK CPI inflation fell to a surprise 0.5% in December, the lowest level since May 2000. Five experts examine why...