UK CPI inflation fell back to zero last month, down from 0.1% in May, as the prices of clothing, fuel and food all fell.
Sterling jumped 0.6% against the US dollar this morning, on the news wages in the UK grew at their fastest rate since 2001 in the three months to the end of April.
The month of May marked the end of the UK's brief spell of negative inflation, as rising fuel costs have pushed the CPI figure above the zero mark once again.
Sterling has pulled back against the dollar after a second estimate of Q1 UK GDP growth failed to produce the upwards revision expected by economists.
The UK's headline inflation rate avoided negative territory in March but core inflation saw a surprise drop to its lowest level in nine years, latest figures show.
UK economic growth in the fourth quarter of last year was stronger than previously thought, according to the latest estimate from the Office for National Statistics (ONS).
As inflation in the UK hits zero for the first time on record, industry experts share their views on what this means for the UK economy and investors.
The Office for National Statistics (ONS) has confirmed GDP in the UK expanded by 0.5% in the fourth quarter of 2014.
The UK's current account deficit widened faster than expected in the third quarter to reach a record high of £27bn.
Business investment fell by 0.7% in the third quarter despite a steadily growing economy, Office for National Statistics data has revealed.
The Office for National Statistics has revised second quarter growth figures in the UK up from 0.8% to 0.9% in its final estimate.
UK unemployment fell to its lowest level in six years in the three months to July, according to the latest figures from the Office for National Statistics (ONS).
UK consumer price inflation assumed its downwards trajectory once more in July following a sharp spike the previous month.
UK unemployment dropped to a near six-year low but sterling has fallen against the dollar after the Bank of England cut wage forecasts, suggesting rates will remain on hold for the foreseeable future.
Fund managers have backed financials, retailers, and housebuilders to benefit following the latest move down in UK inflation.
The UK economy expanded by 0.8% in Q1, slightly below economists' expectations.
Changes at the Office for National Statistics (ONS) which will count future pension rights as if they were present income will turn the UK into a nation of savers instantly, the Telegraph reports.
The Bank of England has again moved to temper expectations of an early rate rise, despite the UK unemployment rate dropping to close to the crucial 7% mark this morning.
Sterling rose against the US dollar in morning trading after the second reading of the UK's economic growth rate confirmed an increase of 0.8% in the third quarter, in line with analysts' expectations.
The UK Statistics Authority (UKSA) has criticised the methods used by the Office for National Statistics (ONS) when it releases sensitive economic data.
An increasing number of older people are starting to down-size their homes.
The Chancellor is on a collision course with bond markets over plans to change how inflation is calculated.
The surprise 1% rise in UK GDP in Q3 points to only a slight improvement in the economy's growth outlook, according to forecasters.