UK inflation drops to 0.5%

Bank of England
The Bank of England

Inflation in the UK has dropped to its joint-lowest level since records began, prompting Bank of England (BoE) governor Mark Carney to write his first letter to the chancellor explaining why the central bank missed its target.

Figures published today by the Office for National Statistics showed consumer price inflation – which the BoE's aims to keep at 2% – fell to just 0.5% in December.

Inflation dipped to the same figure in May 2000 under the governorship of Eddie George, but has never been lo

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