article_snippet: Inflation has already plunged to 0.3 per cent – Inflation lowest level since 1960 – after a big fall in the cost of essentials such as food and fuel.
article_snippet: Rates have been frozen at a record low of 0.5 per cent for more than six years.
article_snippet: There has been speculation that the Bank could cut rates even further – towards zero – if inflation threatened to fall too far and turn into a dangerous bout of deflation.
article_snippet: Inflation as measured by the Consumer Prices Index was last at zero or below between December 1959 and March 1960, according to the Office for National Statistics.
highlights_snippet: Inflation hit 0.3% in January - already the lowest level on record .
  
highlights_snippet: But in a boost for families the Bank chief said inflation would fall to zero .
  