First it was Europe that was mired in its coldest deflationary winter ever, then America promptly caught on. It was only a matter of time when cheap energy prices claimed its next victim - Britain. Unlike the Eurozone whose February CPI change settled at -0.3%, the UK saw no change in its price index from a year ago, missing estimates of a 0.1% rise and down from January's 0.3% change. The core figure (excluding food and energy) missed expectations of 1.3%, coming in at 1.2% from January's 1.4%. The market collectively expects deflation to officially strike in March. This comes on the heels of the BoE's Governor Mark Carney's comments about inflation dropping below zero in the next couple of months. Earlier in March, the Bank of England's MPC voted to keep interest rates at a record low of 0.5%, but foresaw a rate hike somewhere in 2016. The BoE is expected to trail the Fed in terms of monetary policy.