Sterling forward inflation swaps, a gauge of price expectations, have given up most of 2015’s gains as the slowdown in China and a continued slump in oil prices are adding to disinflationary pressures. The five-year inflation swaps rate, locked five years ahead, is at 3.18 percent, near a nine-month low touched last month, indicating investors have pushed back expectations for a Bank of England rate increase before a scheduled policy review on Thursday. The measure touched a peak of 3.4850 percent last year as the tightening of labor markets showed the economy was improving.

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