UK inflation fell to 1.8% in January, its lowest level in two years and is now below the Bank of England's 2% target.
According to the Office for National Statistics (ONS), the Consumer Prices Index (CPI) dropped to 1.8%, down from 2.1% in December.
Ofgem's energy price cap, which took effect on 1 January 2019, was largely responsible, with housing and household services - where falling gas and electricity rates sit - down by 8.5% and 4.9% respectively.
Air fares also came down by 25.5% over the month - though this was a lower drop than last year's 33.2% but were offset by higher ferry costs.
Elsewhere accommodation services, including restaurants and hotels, saw prices dropping by 2.9% between December 2018 and January 2019, as did women's and children's clothing and footwear.
Gains were seen across furniture, furnishing and carpets.
UK inflation has now fallen from its five-year high of 3.1% in November 2017, which followed the UK's vote to leave the European Union.
The chances of an interest rate rise had already dropped significantly after annual UK GDP growth fell to its weakest level since 2012, down to 1.4% in 2018.
The latest inflation figures will give the BoE further reason to leave rates at current levels until there is more clarity around Brexit.
Ben Brettell, senior economist at Hargreaves Lansdown, commented: "The chance of a UK interest rate rise was already galloping over the horizon, as Brexit uncertainty has put policymakers in a straitjacket lately.
"Today's inflation figures provide further reason for the Bank of England's rate-setting committee to sit on their hands."
He also noted that the CPI number fell short of expectations, which were forecast at 1.9%.
Brettell added: "From an economist's perspective, an interesting thing to note about today's numbers is the continued breakdown of the relationship between the labour market and inflation.
"Theory dictates that a tight labour market - low unemployment and higher wage growth - should lead to higher inflation. This means policymakers face a straight trade-off between inflation and unemployment.
"But at present the inflation genie is still firmly in the bottle, despite unemployment at multi-decade lows. This has made the Bank of England's job much easier over the past few years."
Meanwhile Nancy Curtin, chief investment officer at Close Brothers Asset Management, said the latest figures indicated the UK was "indisputably in a mid-cycle slowdown".