Britain's annual inflation rate fell more than expected in February, official data showed Wednesday, fuelling speculation that the Bank of England will start cutting interest rates in the coming months.
The consensus had been for consumer prices to rise by 3.5 percent in February, according to the Bank of England and other economists. But with inflation remaining well above the BoE's two-percent target, the central bank is widely expected to keep its main interest rate on hold in an announcement due Thursday.Economists are forecasting the Fed and European Central Bank will begin cutting rates from June -- having massively hiked borrowing costs as inflation began soaring in 2021.
"It's going to wait for lower inflation to bed in. It means there's a decent chance we won't see cuts until August."
Source: Loan Digest (loandigest.net)
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