The UK inflation rate fell to 1.9% in January, the latest figures show.
Measured by the consumer price index (CPI), inflation fell below the Bank of England’s target of 2% for the first time since November 2009.
Putting the figure into context, a basket of shopping that cost £100 in January 2013 would have cost £101.90 last month.
The Office for National Statistics (ONS) said price movements in recreational goods & services, furniture & household goods and alcohol & tobacco sectors were the main contributors to the slowdown in the rate of inflation.
Following the annoucement, Prime Minister David Cameron tweeted: "Today’s fall in inflation is more evidence our #LongTermEconomicPlan is working. We want to ensure a secure future #ForHardworkingPeople."