British Inflation Fears Are Waning

Pressure is easing for a move from the Bank of England

U.K. inflation slowed for the first time in eight months in June, having been driven higher over the past year by the pound’s decline since the Brexit vote. Inflation expectations have also leveled off, further weakening the argument among some Bank of England policy makers for an immediate interest-rate increase. Citigroup said there’s no sign that currency-led price growth is spurring inflation expectations, which the BOE had warned may require a response.

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