The UK inflation rate fell sharply to 0.5% in December, the joint lowest on record, official figures show. Inflation as measured by the Consumer Price Index fell from 1% in November to its lowest rate since May 2000, helped by cheaper fuel prices. Chancellor George Osborne hailed the fall in the inflation rate as good news. He tweeted: "Inflation is 0.5% - lowest level in modern times. Welcome news with family budgets going further & economic recovery starting to be widely felt."