"Levels here are now at their lowest level since the start of the pandemic, though still 0.4 percentage points above their long-run (post-2005) average," economists from Citi said.
"Reductions in January coincided with a reduction in Brexit-related uncertainties. This month, improvements in the outlook for the pandemic may have contributed to a reduction," they added.
Longer-term expectations for inflation over the next five to 10 years eased down to 3.3% from 3.4% in January, the survey showed.
"Household inflation expectations remain well-anchored, but further increases in long-run expectations could still suggest challenges," Citi said.
(Writing by William Schomberg, editing by David Milliken)
