From UKPA:

“Stephen Robertson, director general of the BRC, said: “The fall has been driven by a huge drop in food inflation – which is now less than a quarter of what it was last August.

“This reduction is largely due to commodity prices, such as oil and wheat, falling since last summer’s peak to much lower levels.”

He added: “Falling prices are good news for customers and could give a much-needed boost to retail sales.”"

While on the other side of the Atlantic, the Chicago Federal Reserve Bank President Charles Evans said Wednesday that economic deflation in the U.S. has been quashed:

“Deflation has been averted,” he said. “And as the economy continues to improve, and when we see rising inflation pressures, Fed policy will respond aggressively.”

From Reuters…

Both Janet Yellen, president of the San Francisco Federal Reserve Bank, and Lucas Papademos, vice president of the ECB, highlighted the risks of deflation at the annual meeting of the American Economics Association.

“It is increasingly likely that inflation will fall to undesirably low levels,” Yellen said at the meeting in San Francisco.

She said the Fed would likely expand its raft of unconventional monetary policy measures now that its cycle of interest rate cuts has hit rock-bottom.