Inflation fell, though not quite as much as expected. CPI inflation dropped from 3.1% to 3%, while RPI inflation, helped by falling house prices and mortgage rates, dropped from 0.9% to just 0.1%, its lowest since 1960. Retail discounts in January were less dramatic than expected, so "core" inflation measures edged up. More details on www.statistics.gov.uk.

RPI inflation will go negative next month. CPI inflation is, however, proving to be a little more sticky on the way down.