LONDON (Reuters) – Financial institution of America mentioned on Tuesday its British shopper confidence indicator rose two factors in July to its highest since March though it remained according to a recession.

The financial institution’s month-to-month survey additionally discovered shopper inflation expectations had been largely unchanged by means of July after falling over a number of months.

“Expectations are nonetheless excessive, suggesting dangers of additional second-round results, however the Financial institution of England can take some consolation that the slowing financial system could also be ameliorating inflation expectations,” BofA economist Robert Wooden mentioned.

(Writing by William Schomberg, modifying by Andy Bruce)

Copyright 2022 Thomson Reuters.

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