Official figures show industrial production in Britain fell sharply during January, raising fears the country will suffer its third recession in not much more than four years.

The Office for National Statistics says Tuesday that industrial production fell a monthly rate of 1.2 percent in January, in contrast to expectations for a modest 0.2 percent rise.

Industrial output includes the country's manufacturing industry as well as other industries such as oil and gas.

The pound fell sharply on the news to $1.4830, its lowest level since June 2010, from $1.4905 just before the figures were released.

The U.K. economy will fall into a triple-dip recession if economic output declines in the first three months of 2013. A recession is officially defined as two straight quarters of negative growth.