Cold weather can decrease the tire pressure causing the tire pressure sensors to trip the low pressure light. Adjust tire pressure in all tires as soon as possible to put out the light. If you adjust the tire pressures and the light remains on after a short drive, you may have other issues such as a faulty sensor. The sensors are battery operated and the battery only last just so long.
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It can affect inflation sensors, yes. Cold weather causes objects (including air) to contract, and that can cause a reduction in tire pressure.