The British inflation rate fell to the lowest level in two years, according to figures published Wednesday by the Office for National Statistics (ONS).

Statistics showed that consumer prices index (CPI) rose by 1.8 percent in January year-on-year after a 2.1 percent increase in December.

Mike Hardie, the official in charge of ONS' inflation department, said: "The fall in inflation is due mainly to cheaper gas, electricity and petrol, partly offset by rising ferry ticket prices and air fares falling more slowly than this time last year."