For the first time in history, UK’s inflation enters 0.0%. The just released consumer price index which is a measure of inflation came at 0.0%, as against predictions of 0.1%.
This reading is the lowest since 1989 and the weakest based on constructed historical data since 1960 according to the Office for National Statistics.
The fall in the rate is majorly attributed to plunge in prices of food, non-alcoholic drinks, furniture and household equipment and computer equipment in February.
GBPUSD fell about 50 pips after the release but is currently recovering.