The Bank of England (BoE) Deputy Governor, Ben Broadbent, said in London on Friday that it is unlikely that the U.K. economy will suffer from a low inflation. "The likelihood of a broad and protracted deflation, afflicting wages as well as prices, is pretty low," Broadbent said.

He noted that inflation declined due to falling oil prices. Negative price growth is temporary and positive for the economy, he added.

Broadbent expects the consumer inflation to increase in early 2016.

The BoE deputy governor also said that wages will grow as unemployment declined.