Results from the Office for National Statistics has shown that the UK inflation rate for March has remained at 0%.

Factors contributing to the 0% rate for the second month included cheaper footwear and clothing.

The ONS commented that the rate of inflation was calculated to two decimal places so prices were 0.01% less than the previous year which is the first decrease on record for the CPI measure which is also a lot lower than the Bank of England’s 2% target.

Director of economics at the CBI business group, Rain Newton-Smith said "Inflation should start to pick up in the second half of the year, especially as the downward pressure from lower oil prices eases," she added that falling prices had benefitted households, and lower oil prices had been good for businesses in general. However, North Sea oil firms had taken a hit from the fall in the price of crude.