article_snippet: The dramatic fall in the cost of goods is likely to push back the timing of an interest rates hike by the Bank of EnglandEngland.
article_snippet: I don’t see them rising until mid-2016 at the very earliest.
article_snippet: Bargain prices in shops could be used by employers as an excuse to keep wages low, while workers could delay big purchases in anticipation that costs will fall further – triggering a downward spiral.
article_snippet: Inflation measures the rise and fall of 700 goods and services, from energy prices to clothing.
article_snippet: In the past year, there has been a huge fall in the cost of global wholesale oil, causing prices at the pump to tumble by almost 17 per cent.
article_snippet: An aggressive supermarket price war has also dragged down the inflation rate, as major stores have been forced to compete with budget rivals such as Aldi and Lidl.
article_snippet: Last week it was a record increase in the minimum wage, today it's the rate of inflation.