Bank of England Governor Mark Carney shocked markets last week, saying interest rates could rise sooner than expected.
At first glance, the latest UK inflation data suggest they might not.
Inflation has nearly halved to 1.5 percent in May from 2.9 percent last June. And wage inflation is much lower.
While still well above the euro zone, where inflation has tumbled to 0.5 percent, keeping alive the real risk of deflation, the latest UK inflation rate fell below even the lowest forecast in a Reuters poll.
And inflation is now 0.2 percentage point below where the BOE thought it would be in its own forecasts made one month ago.
So by all accounts, inflation is running behind where it should be to justify what was interpreted — and spun by Carney — as a very dovish set of BOE forecasts in May.