Inflation to fall below target?

"The implication is that second round effects are much more muted, and shocks to food and fuel prices do not propagate as strongly into core inflation", JPMorgan economists Sajjid Chinoy and Toshi Jain wrote in a recent note.

'That said, sadly it is still the case that many savings accounts are paying less than inflation - particularly older accounts and those held with the high street banks.

Inflation was largely lowered by prices for electricity and gas following an Ofgem cap on standard variable tariffs that decreased price increases in that category from 8.1pc to 1.4pc. Factory output growth in the previous month was revised downwards to 0.3 per cent, from 0.5 per cent previously.

Sterling lost slight gains against the dollar following the CPI data, remaining flat for the day at $1.2891.

The inflation rate fell lower than analysts' forecasts of 1.9 per cent but the Bank of England's prediction was on the money.

"House prices continued to grow, albeit at the lowest United Kingdom annual rate since July 2013, with growth in the North East and London lagging behind Northern Ireland, Wales and the West Midlands".

Retail food prices fell 2.17 percent in January from a year earlier, compared to revised fall of 2.65 percent a month earlier.

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"In the current climate of heightened uncertainty in regards to the Brexit process, businesses will benefit from a supportive monetary policy".

Yael Selfin, chief economist at consultancy KPMG UK, said January's inflation data gives Bank policymakers "ample room" to wait before they raise interest rates again as Britain's leaves the European Union.

"Assuming some kind of smooth Brexit, it should be able to gently nudge rates up over the next couple of years".

The Retail Prices Index (RPI), a separate measure of inflation, was 2.5 per cent, down from 2.7 per cent in December.

Mumbai: India's headline and core inflation rates are set to converge in the coming months as the economy slows, increasing the chance of more interest rate cuts.

Consumer-price growth reached 2.05 percent in January, well below the Reserve Bank of India's medium term target of 4 percent.

The manufacturing sector grew 2.7% in December, while electricity sector grew 5.5%.

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