Price growth in the U.K. slowed once again in January, edging closer to deflationary territory and marking its lowest level since records began in 1989.
The country's Consumer Prices Index (CPI) came in at just 0.3 percent in January, the Office of National Statistics (ONS) said Tuesday. This was in line with analyst forecasts but marked a move down from December's 14-year low of 0.5 percent.
This was on the back of falling oil prices—down 16.2 percent in the January—and low food prices—down 2.8 percent over the same period.
Ben Brettell, senior economist at stockbrokers Hargreaves Lansdown, highlighted that low price growth should give ordinary Brits and the country's economy a boost.
"The combination of low inflation, rising wages and falling fuel prices are great news for the U.K. consumer," he said in a note.
"Last week the Bank of England forecast real after-tax incomes would rise 3.5 percent this year, the strongest growth for 10 years. This in turn should be positive for economic growth."