Inflation turned negative for the first time in more than half a century in April, official figures showed today.
The Consumer Price Index (CPI) measure of inflation dipped to minus 0.1%, according to the Office of National Statistics (ONS).
It is the lowest rate on record and comes after two previous months of zero inflation.
The Bank of England expects inflation to "notably" rise again later this year after the latest figures showed the UK had entered deflation for the first time in 50 years.
Reacting to the news, the Bank said the figures were in line with its projections but that the economy would recover as the effect of lower oil and food prices fades.
Today's figures showed "core" inflation excluding volatile energy, food, alcohol and tobacco prices was also subdued. At 0.8% in April, it was at its lowest level since March 2001.
Food prices fell 3% year on year in April, the fourth month of deflation at around that level - an unprecedented run of prices falling at such a pace in the sector.
Fuel prices rose on the month, with a litre of petrol 2p more expensive than in March, meaning its downward pull on the year-on-year rate was smaller than before.
Economic experts have reinforced George Osborne's view that the negative inflation figures released today are not cause for concern.
Britain has fallen into negative inflation for the first time in 50 years but what does that mean for the economy and consumers?