UK inflation: pushed and pulled from without and within

Inflation is being dragged down by overseas factors but forced up by domestic pressures. Arithmetic dictates it must rise soon - unless the global economy tanks

This is going to be a record-breaking year for UK inflation. Not since the interwar period has upward pressure on the cost of living been as persistently weak as it has since the start of 2015.

Consider the numbers. In January, inflation as measured by the consumer prices index, stood at 0.3%. In the next eight months, it was zero four times, up by 0.1% twice and down by 0.1% twice. The latest data shows that it costs 0.1% less to buy the basket of goods and services chosen by the Office for National Statistics to measure inflation than it did in September 2014.

Related: UK inflation dips below zero again