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“It’s no longer referring to having to act ‘forcefully’ to control inflation and it added that further rises would only be needed if there was evidence of more persistent inflationary pressures.

“This view has been reinforced by more recent comments by the central bank’s governor saying the UK economy is evolving much as the Bank expected it to.”

Inflation is expected to drop to four percent by the end of the year meaning there is less need for increases to the base rate.

Analysts at Citigroup are predicted inflation will come down even more quickly, dropping to just two percent by the autumn.

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