Why is UK inflation rate going down?

The rate of UK Consumer Prices Index inflation fell to 0.3% in January, its lowest level since CPI records began.

Inflation as measured by the Consumer Prices Index fell from 0.5% in December, helped by cheaper motor fuel prices.

Speaking to the BBC's Ben Thompson, Phil Gooding, senior statistician at the Office for National Statistics, said that the largest driver of the fall was the slump in the price of motor fuels.