The annual rate of inflation has eased to a record low of 0.3% and is on course to fall further, boosting consumer spending power after years of weak wage growth.
The Office for National Statistics estimated the CPI measure of inflation was at its lowest since 1960 as plunging oil prices and a supermarket price war dominated overall price growth last month.
Its figures meant a basket of goods and services that cost £100 in January 2014 would have been just 30p more last month, though the ONS said the fall in inflation would have been sharper but for a softer slowdown in the fall of clothing prices.
The supermarket price war saw food and non-alcoholic beverage prices fall by 2.5% year on year, the steepest rate on records going back to 1997.
It was driven by a 3.5% fall in the cost of milk as two-pint carton costs plunged.
Transport costs fell by 2.8% year on year, the steepest rate on record, as fuel costs dived by 16.2%.
Separate figures from the ONS, due to be released tomorrow, are expected to show annual wage rises remaining above 1.5% - easily outpacing inflation - leaving households with more cash as salaries rise and living costs ease.
The Bank of England last week forecast that the UK could even see negative inflation in the coming months, as energy bill reductions start to be fully realised in the figures, with inflation rebounding later this year.
Governor Mark Carney said that should it become clear that a more entrenched period of falling prices - deflation - was looming, then the Bank would take action to prevent the possibility of economic activity dropping off.
Deflation is seen as bad news because consumers and businesses put off purchases in the hope goods and services will be cheaper in future.
Chancellor George Osborne said: "Today we see the lowest CPI inflation ever - a milestone for the British economy.
"It's great news for families, whose budgets will stretch even further. It shows that those who went around predicting a cost of living crisis were plain wrong.
"And it demonstrates the clear choice between a long-term economic plan that's delivering stability and rising living standards, and the chaos of the alternatives.
"Although the low inflation is, as the Bank of England confirmed last week, driven by lower food and energy prices rather than damaging deflation, we will remain vigilant to all risks, particularly when the global economic situation is so uncertain."
Labour sought to distance the Government from taking any credit for falling prices.
Shadow treasury minister Cathy Jamieson MP said: "Inflation is falling around the world because global oil prices have plummeted.
"But in Britain wages continue to be sluggish and working people are £1,600 a year worse off under this government.
"A few months of falling world oil prices won't solve the deep-seated problems in our economy."
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