UK inflation held at 2.0% in June

LONDON (Reuters) – British inflation held at 2.0% last month, official data showed on Wednesday.

Economists polled by Reuters had mostly expected consumer price inflation to ease to 1.9% in the 12 months to June from May’s 2.0%, the first time it had hit the Bank of England’s target in nearly three years.

The BoE is due to announce its next decision on interest rates on Aug. 1 and investors see a roughly 50% chance of a first cut to borrowing costs since 2020.

(Writing by William Schomberg; Editing by Kate Holton)