UK Consumer Prices Index (CPI) inflation turned negative in April for the first time on record, falling to -0.1%, official figures show. The Office for National Statistic (ONS) said it is the first time CPI has fallen over a year since official records for the measure began in 1996. George Osborne believes this is good news for family budgets as a brief bout of negative inflation is not the same as full-blown deflation (defined as a protracted period of falling prices, where consumers expect things to keep getting cheaper).
