The committee's minutes reveal a view that falling oil prices will mean any rise in inflation - which charts the cost of living - would be "slightly more gradual" in the near-term than forecast by the committee in November.
However, it expected inflation to increase to around the 2% target "once the persistent impact of lower energy and food prices, subdued world export prices and the past appreciation of sterling had dissipated". It added that inflation was likely to be at about 0.5% for several months this year.