Inflation hits new low

UK inflation hits  a level not seen for 15 years as the Office for National Statistics (ONS) releases data  today revealing an inflation rate at 0.5%, down from 1%. The target level the Bank of England is tasked to achieve being 2%. With lower fuel prices  looking to go lower still, the overall feeling is that there is a little more to go on the downside. The benchmark Oil price, Brent Crude is now at  US 50$ a barrel, a six year low having halved in price in 6 months. Good news for the UK consumer and fuel prices at the pump set to drop further.