0810 GMT - Cooler inflation in the U.K. services sector should ensure the Bank of England cuts interest rates at a steady pace this year, ING economist James Smith writes in a note to clients. Headline annual inflation slowed to 2.6% in March, figures show Wednesday, while in services, annual inflation fell for the first time this year, to 4.7% from 5.0% previously. That's still uncomfortably high for BOE rate setters, Smith says. But the rate should continue to ease over the coming months, taking it lower than the central bank has forecast. "More benign services inflation, if it materialises ... would help cement one rate cut per quarter for the rest of 2025 and into 2026," Smith says. (joshua.kirby@wsj.com; @joshualeokirby)
(END) Dow Jones Newswires
April 16, 2025 04:10 ET (08:10 GMT)
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