LOCO-I (low complexity lossless compression for images) is a novel lossless compression algorithm for continuous-tone images which combines the simplicity of Huffman coding with the compression potential of context models, thus "enjoying the best of both worlds." The algorithm is based on a simple fixed context model, which approaches the capability of the more complex universal context modeling techniques for capturing high-order dependencies. The model is tuned for efficient performance in conjunction with a collection of (context-conditioned) Huffman codes, which is realized with an adaptive, symbol-wise, Golomb-Rice code. LOCO-I attains, in one pass, and without recourse to the higher complexity arithmetic coders, compression ratios similar or superior to those obtained with state-of-the-art schemes based on arithmetic coding. In fact, LOCO-I is being considered by the ISO committee as a replacement for the current lossless standard in low-complexity applications.