U.K. inflation is forecast to fall below target in the near term
Easing prices, including for food, pave the way for a welcome cut in interest rates soon
Tom Hayes said his case is “not consistent” with laws in France, Germany and the U.S.
With the cost-of-living crisis abating, the Bank of England expected to start cutting interest rates soon
Official figures were released as economy takes centre stage in runup to general election
Lower food prices help offset higher energy costs
U.K.'s central bank kept its main interest rate at a near 16-year high of 5.25% on Thursday
Inflation was 4% in December, up from 3.9% the month before, the first increase in 10 months
Drop to two-year low of 3.9% in November was bigger than anticipated in financial markets
Monetary policy to remain "restrictive for an extended period of time," the Bank of England governor said