India's consumer prices rose at a milder pace than anticipated in January and remained below the Reserve Bank of India's target for a sixth straight month, strengthening views it could again cut the key interest rate at its next policy review in April.
'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.
"Assuming some kind of smooth Brexit, it should be able to gently nudge rates up over the next couple of years".
"But with inflation fairly well behaved, the Bank will also have the ability to support the economy by cutting interest rates if there were a no deal Brexit", he added.
Mr Brettell added that now the "inflation genie is still firmly in the bottle, despite unemployment at multi-decade lows", which has made the Bank's job easier over the past few years.
A fall below the 2% threshold for inflation readings would highlight less room to maneuver for the BOE with regards to rate hikes, so that could see the pound be pressured a little if the actual reading misses to the downside.
The CPI, including owner-occupiers' housing costs (CPIH) - the ONS's preferred measure of inflation - was 1.8% in January, down from 2% in December.
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