UK inflation slows to ease pressure on BOE
Bank of England (BOE) policymakers who were concerned that price growth was getting out of hand suddenly have a bit of breathing space.
The UK inflation rate slipped to 2.6 per cent in June, the Office for National Statistics said on Tuesday. It’s the first drop in the annual rate since October, and economists had forecast that it would hold at the four year high of 2.9 per cent reached in May.
The data undermines arguments for the immediate interest-rate hike that a minority of policy makers supported at the last BOE decision as inflation looked set to veer further above the two per cent target.