UK sliding towards first bout of negative inflation in 55 years

Bank of England governor says strong growth should avert threat of deflationary spiral, but public should prepare for interest rate rise earlier than expected

Britain is sliding towards its first bout of negative inflation in more than half a century, the Bank of England has said, but strong economic growth should stave off the threat of a deflationary spiral.

The slump in oil prices and falling food prices is likely to push inflation to zero in the second and third quarters of 2015, probably dipping into negative territory for one or two months this spring, the Bank said in its February inflation report.

Related: Will below-zero inflation lead the Bank to start tightening policy?