UK consumer price inflation rate fell to an all-time low of 0.3 percent in January from 0.5 percent in December. Market analysts expect inflation to drop further in the coming months thanks to a decrease in oil and food prices. The latest CPI reading could delay an interest rate hike by the Bank of England. Mark Carney, the bank’s governor, said inflation may fall below zero due to dropping oil prices. Crude oil prices fell by 20.2 percent in December, according to Reuters. The bank is predicting, however, that inflation will rebound, hitting its 2-percent growth target over the next two years. The Official for National Statistics, meanwhile, reported that UK house prices increased by 9.8 percent in December, down from 9.9 percent the previous month.
