The latest poll conducted by YouGov for Citi revealed the British public's expectations for consumer price inflation in the year ahead decreased to 2.7 percent in March from 2.9 percent in February.

In the mean time, longer-term inflation expectations reduced to 3.0 percent from 3.2 percent, its lowest since May 2017.

"Amid some volatility, long-term inflation expectations keep printing new lows. This establishes a downtrend, potentially due to weaker economic prospects," noted Citi's economists.