Bank of England Governor Andrew Bailey said in an interview published on Monday that inflation was slowing and an expected pick-up in price growth later this year was unlikely to embed longer-term inflation pressures in the economy.

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The Bank of England faces a seriously tricky few months, with the prospect of further interest rate cuts endangered by stubborn inflation.

Inflation in the U.K. rose to a 10-month high in January, official figures showed Wednesday, an increase that will likely diminish expectations of rapid interest rate reductions from the Bank of England.