Lower global oil prices have set the British inflation figure on a downward path that will take it closer to the central bank's 2 percent target, according to data released Wednesday.

Consumer Price Index (CPI) inflation fell to 2.3 percent in November, down 0.1 percentage point from its October level, according to figures from the official statistics body the Office of National Statistics (ONS).

The Bank of England's (BoE) primary monetary target is to keep CPI inflation at 2 percent, a task complicated since June 2016 when the Brexit referendum sent sterling falling against foreign currencies resulting in a sharp rise in inflation, which at one point hit 3.1 percent.

Continued weakness in oil prices could herald further falls in inflation.

"The fall in inflation in November is likely to be the precursor to a larger fall in December," said Andrew Wishart, UK economist at Capital Economics, a financial data analysis firm in London.

Wishart said November's decline was driven by a fall in inflation in the transport sector, as well as lower inflation in the entertainment sector.

The BoE's rate-setting Monetary Policy Committee (MPC) will meet to review the bank rate, currently at 0.75 percent, on Thursday, but Wishart did not expect the committee to move the rate.

"Despite signs of increasing inflationary pressure in the labour market, the MPC will stay on the sidelines, at tomorrow's meeting and early next year, until it is clearer how Brexit will pan out," he said.