UK inflation rate now stands at 0.3% annually, as figures released by the Office of National Statistics (ONS) show a drop from 0.5% to 0.3%, for the month of January.

The drop in wholesale fuel prices, not fully reflected at the pumps, is underneath the inflation rate reduction that has allowed supermarkets to engage in large scale price cutting. The lower fuel prices, over 16% down, impact on courier and delivery costs across the board. 

Good news for the UK consumer and maybe going lower still as global fuel prices show no sign of an early recovery.