According to the Office for National Statistics (ONS), this means UK inflation is holding at its lowest rate since records began 26 years ago – and price growth remains at its weakest point since 1960. A spokesperson for the ONS also noted that the official measure showed a negative reading, of -0.01 per cent, when calculated to two decimal places.

According to the figures, falling prices of clothing and gas had a significant downward influence on inflation. Clothing prices reduced for the first time in the history of the CPI. The impact was so significant that it could have pushed prices overall into deflationary territory, if not offset by rising petrol and diesel prices (which rose by 3.8p and 3.5p per litre respectively last month).

Core inflation (which does not consider the prices of volatile elements such as energy and food) stood at a nine year low of 1 per cent in March, down from 1.2 per cent in February. The retail price index stood at 0.9 per cent, down from 1 per cent a month ago.