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.
The MPC also noted the fall in the value of the pound, which was partly attributed to actions by the European Central Bank.
"Since the start of 2016, however, some market contacts had additionally cited the forthcoming UK referendum regarding EU membership as a possible explanation for the depreciation of sterling," the minutes stated.