The United Kingdom's inflation rate slowed less than it was expected to in March, leading investors to bump back their predictions of when the Bank of England might cut interest rates.
Britain's inflation rate slowed by less than expected in March, according to official figures published on Wednesday, adding to signs that a first interest rate cut by the Bank of England could be further off than previously thought. British consumer prices rose by an annual 3.2%, down from a 3.4% increase in February and its lowest in two and a half years, the Office for National Statistics said.
The slowdown in the fall in Britain's inflation rate follows an acceleration of headline price growth in the United States which rose for a second month in a row to 3.5% in March, according to data published last week. BoE Governor Andrew Bailey, who last month said British inflation was "moving in the right direction" for a rate cut, said on Tuesday that different inflation dynamics in the U.S. and Europe could lead to different paths for interest rates.
Data published on Tuesday showed British wage growth was cooling but remained strong by historical standards. The BoE is concerned that rapid wage growth, which makes up much of the inflation rate in the services sector, could sustain inflationary heat across the economy. "Inflation is in retreat but the Bank of England cannot yet be sure that it is beaten," Ian Stewart, chief economist at Deloitte, said.
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