New Delhi, Feb. 20 -- Inflation in the U.K. fell to a 10-month low largely on the back of lower food and gas prices, official figures showed Wednesday, a downward move that has reinforced expectations that the Bank of England will cut interest rates in March.

The Office for National Statistics said the consumer prices index was 3% higher in January than the year before, down from 3.4% in December.

The decline was in line with analysts' expectations and puts inflation well on the path to the central bank's target of 2% over the coming months. When keeping its main interest rate on hold at 3.75% at its last meeting earlier this month, the bank predicted that inflation would be back at target by April.

The further fall in inflation will p...