Inflation in the UK may have weakened to its lowest level for more than a year last month, experts believe.
A survey of 36 economists conducted by Bloomberg established that, on average, the consumer prices index went up 3.6 per cent year-on-year in January in comparison to a 4.2 per cent hike one month previously.
If correct, this represents a continuation of the slowdown that could be the determining factor behind whether or not the Bank of England needs to widen its programme of bond purchasing in the near future.
The Office of National Statistics will publish the actual data later today (14 February), with policymakers hoping the recent decision to pump an additional £50 billion ($79 billion) will help bring inflation further down towards their target of two per cent.
Brian Hilliard, economist at Societe Generale, told the news source: "The Bank is already predicting inflation falling below target in the fourth quarter and I share that view."
By Gary Cooper
