(MENAFN) The Bank of England (BOE) said it anticipated its 2% inflation target to be reached within two years.
The UK's preliminary estimate for gross domestic product (GDP) growth reported 0.1% in the first quarter of 2018, which is 0.3% lower than expected in February, the BOE said.
"This is likely in part to have reflected adverse weather in late February and early March. Survey indicators suggest that growth was somewhat stronger in Q1 than implied by the preliminary estimate," a report by the BOE said.
For Q2-18, the UK's central bank reduced its forecast to 2.4% from 2.7%.
Consumer price index (CPI) inflation fell to 2.5% in March, coming in lower than forecasts.
"The MPC continues to judge that the UK economy has a very limited degree of slack. Hiring intentions have remained strong and, over the past three months, the unemployment rate has fallen slightly further," the BOE said in its report.
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