The UK inflation rate dropped to 1.9% in January, marking the first time it has fallen below the Bank of England's target of 2% since November 2009.
Growth in the Consumer Prices Index (CPI) in the year to January was 1.9%, down from 2% in December, according to figures from the Office for National Statistics (ONS) today.
The fall resulted from price movements for recreational goods and services, furniture and household goods, and alcoholic beverages and tobacco.
These were partially offset by price movements for miscellaneous goods and services.
The Bank of England's previous inflation report noted that CPI inflation fell back to 2% more quickly than anticipated but that the bank rate would still likely need to remain at low levels for some time to come.
The ONS reports that in 24 out of the last 27 months, prices in the housing, water, electricity and gas & other fuels sector have been the largest contributor to the inflation rate and currently account for a quarter of inflation.
Separate figures released by the ONS today show UK house prices increased by 5.5% in December 2013 compared with a year earlier, up from 5.4% in November 2013.
