It's a larger fall than we anticipated. This is pretty weak stuff.

The January numbers looked overly weak, in light of recent developments in the housing market so some recovery in these figures was to be expected.

Following last week's fully anticipated decision to keep rates on hold, the February inflation report meeting might prove more contentious, depending on how the next two weeks of data turn out.

The prospects for a rate cut have certainly increased. You have weaker inflation and in addition there are risks to gross domestic product growth.

You're going to go through a rough patch through the next six to 12 months. Inflation is going to be boosted by higher oil prices. There is a clear upward trend.

If you look at the underlying numbers you'll see that underlying trade has improved. It looks like exports have improved quite a bit.