The rate of inflation fell by more than expected in February as last year’s energy price shock “fell off” the year-on-year numbers. The headline rate of inflation in February was 3.4 higher than a year ago. This was significantly lower than the rate of 4% recorded in January, and lower than the market's expectation of 3.6%.The data certainly keeps the idea of a summer rate cut “front and centre” in the minds of traders and investors and creates a small chance that the Monetary Policy Committee could cut rates at its meeting today.However, although Andrew Bailey spoke recently of his conditions for a rate cut being less demanding than the market had previously expected, the Bank of England Governor has said on many occasions that any decision on interest rates will be based on trends rather than one of data points.The data will certainly heighten the level of attention that today’s meeting will attract.There was a marginal fall in factory gate prices. In February, Producer Prices were 2.7% higher than a year ago. That was better than the 2.8 rise the market had been predicting.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.