The 1.2% CPI rate of inflation recorded in September 2014 is the lowest since October 2009.
The Office for National Statistics said falling transport costs and food prices were largely responsible for the slowdown.
David Kern, chief economist at the British Chambers of Commerce, said:
“These figures confirm that inflationary pressures in the economy remain muted and have eased in recent months. With oil and food prices now falling, there is a possibility that CPI inflation will fall below 1% before the end of this year.”
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