The UK inflation rate is running at record lows after the Office for National Statistics announced a zero percent inflation rate for the second month in a row.

Cheaper clothing and footwear, offset by a rise in petrol prices, kept inflation bumping along at the same rate.

It straight terms it means that the cost of living is the same as last year.

The rate is well below the Bank of England’s target of 2 percent.

The UK is not expected to fall into entrenched deflation and inflation is expected to move up later in the year.