The year-on-year rate of change in the consumer price index (CPI) for all items less fresh food has decelerated and become slightly negative, mainly due to the impact of COVID-19, the past decline in crude oil prices, and a decrease in hotel charges that reflects a discount through the "Go To Travel" campaign.
As regards changes in market rates, particularly potential adjustments in long-term rates partly in response to a change in the monetary policy stance, I would say that the likely scenario would be one of an orderly adjustment, although the relationships between long-term and short-term rates are complex.