According to ChainCatcher, Luke Bartholomew, senior economist at investment company Abrdn, said in a report that after the release of June inflation data, the Bank of England's August interest rate decision looks to face major challenges.

He said that the Bank of England will almost certainly pay attention to dynamic factors such as the strength of hotel price growth, but the continued rise in service industry inflation will make the Bank of England worry about how long inflation can remain at the 2% target once the favorable base effect passes and domestic price pressures begin to push up overall inflation again. Abrdn still expects an interest rate cut in August, but this requires Thursday's employment data to show a slowdown in wage growth.