Consumer prices rose 0.1 percent in March from February, data showed on Tuesday, putting annual inflation at 1.7 percent, or 0.3 percentage points below the central bank's forecast.
The bank said that a lower-than-expected rise in regulated prices influenced the data, while food prices rose slightly faster than expected. The central bank said that monetary policy-relevant inflation held at 0.9 percent in March.
Having cut interest rates to 0.05 percent, the bank has said it could intervene in the market to weaken the crown if it needs to ease policy further.