Gosh! CPI inflation in January (2014) was 1.9% - down from 2.0% the previous month - that is below the Bank of England's target. Sadly RPI inflation rose from 2.7% in December to 2.8% in January, so you won't actually feel any better off. And neither your earnings or savings will be keeping up with inflation.
So the BoE's strategy is fully vindicated, now they have managed to get under target for the first time in four years.
No, not really. It is just a statistical anomaly. When people are feeling hard up they cut down on the non-essentials. For example they stop going to concerts and the theatre. Those are easy things to cut out of your life, unlike say, food, or housing. So the prices of tickets fall to try to fill the seats and the munchkins who compute inflation dully record the price cut as a fall in inflation.
To be fair, alcohol and tobacco are also down a bit (not really down, just rising less fast) and so are hotels.
Unfortunately the things you still have to buy when you're feeling the pinch, goods and services including insurance, gas and electricity, and most foods, are not falling at all.