Inflation dropped to 18.31 per cent from 18.93 per cent recorded in December after hitting a high of 19.72 per cent in November, a drop mainly attributed to transport and communication sectors, with food yet to make any significant dent on the key economic indicator.”Our forecasts indicate that interest rates will only start easing from the end of the first quarter, pegged on a drop in the overall cost of living, the decision of the monetary policy committee, and a number of other external factors,” said Edward Etemesi, the chief executive of Standard Chartered Bank.