UK inflation falls to zero percent

UK inflation fell to 0% in February, dragged down from the previous reading of +0.3% as a result of falling prices of oil and food.  The Chancellor George Osborne hailed the data as good news for the consumer whom he said showed no sign that they were cutting back on spending.  The zero inflation rate, something not seen for 50 years, falls far short of the Bank of England target rate of 2% but the monetary policy committee relatively sanguine and determined to see through what they see as temporary factors and without the need to cut rates further.