The UK inflation rate fell to 0% in February, according to new figures from the Office of National Statistics (ONS).

The 0% Consumer Price Index (CPI) rate is down 0.3% from January and is the lowest since records began in 1998.

CPI measures changes in the prices of the goods and services bought by households, and the 0% rate means that a basket of goods and services bought for £50,000 in February 2014 would have still cost £50,000 in February 2015.

Prices for motor fuels have been in decline for 18 months and food for 10 months and together reduced the 12-month CPI rate by approximately 0.9%. Other items, such as clothing and rent, have risen over the same period, to bring the overall rate to 0%.

The core inflation rate, which excludes goods with volatile price fluctuations such as energy and food, was 1.2% in February.

The Retail Price Indiex (RPI) fell from 1.1% to 1% over the same period.

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