Experts have predicted that interest rates could fall as low as 0.5 per cent over the next few months.
Nationwide has claimed that it expected this could happen at some time near March, although it is not certain about the date.
It also said that it did not think the possibility of a zero per cent interest rate like the one seen in the US could be completely ruled out in the UK.
Speaking about the decision from the Federal Reserve in America, Martin Gahbauer, senior economist at Nationwide, said: "If the MPC [Monetary Policy Committee] were to come around to the view that that risk is equally severe in the UK, then it could very well pursue such a policy."
The Office for National Statistics' Consumer Prices Index found that annual inflation was 4.1 per cent in November 2008, down from 4.5 per cent in October.
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