According to Jinshi Data, Capital.com analyst Daniela Hathorn stated that the UK's latest inflation data is unlikely to affect the Bank of England's decision to resume interest rate cuts. The UK's CPI annual rate for May slowed to 3.4% from 3.5% in April.
Although the data is not catastrophic, it failed to impress those hoping for a stronger decline in inflation. The market generally expects the Bank of England to maintain the interest rate at 4.25% in Thursday's rate decision.