The Bank of England's first data dump landed with a thud today after both the minutes from its monthly interest rate meeting and its inflation report struck an unexpectedly dovish tone.
Analysts had been expecting at least two members of the nine-strong monetary policy committee to vote for an interest rate rise for the first time this year - but in the end external member Ian McCafferty was the only one to break ranks with the rest of the MPC.
Here are five key takes from the inflation report:
1. Inflation will be lower than expected
The Bank reduced its forecasts for inflation this year from 0.6 per cent to 0.3 per cent, amid low oil prices and the strength of the pound.
At a press conference which took place 45 minutes later, Bank of England governor Mark Carney said he wouldn't be surprised if we have another month or two of negative inflation
2. Productivity puzzle solved?
"Since the May Report, however, productivity has grown more strongly than expected," the report stated.
Carney later said improved productivity and a tightening labour market will support more wage growth.
3. Wage growth will speed up
Wages are growing more quickly than previously expected, while employment growth is slowing, the bank said.
4. GDP growth is getting stronger
The Bank expects annual gross domestic product growth to be 2.8 per cent, from the 2.5 per cent previously predicted. This will slow to 2.6 per cent in 2016, in line with Threadneedle Street's previous forecasts.
5. Global risks are ever-present
Rate-setters have said they are watching developments such as the Greek debt crisis as well turmoil in the Chinese stock market.