The pace of price hikes during the four weeks to 18 February marks a drop of 1.5 percentage points since January and the slowest since March 2022, according to data from analysts Kantar.
Supermarket sales rose 5.1% over the same period suggesting that more confident shoppers are buying around the same volume of groceries as they did a year ago.
The numbers will be a boost to Jeremy Hunt as he puts the finishing touches to a pre-election Budget on March 6.
They suggest that spikes in container rates following Houthi attacks on shipping in the Red Sea have not yet translated into higher prices in shops.
Further falls in inflation will reduce the interest bill on index linked gilts, giving the Chancellor more wiggle room for tax cuts, while the Bank of England will take encouragement from the figures ahead of a possible interest rate cut in May or June.
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