Central Banks Signal Divergent Paths as Inflation Cools in Some Economies but Remains Stubborn

Central banks in the UK, eurozone, and US face pressure to raise rates while inflation eases in Turkey and Morocco, and energy prices fall below pre-war levels.

• Bank of England chief economist Huw Pill said interest rates may need to rise this year to keep inflation down, after voting for an increase in June.
• Turkey’s annual inflation fell to 32.1 percent in June from 32.6 percent in May, official data showed.
• European Central Bank policymaker Joachim Nagel said inflation remains "far too high" and opposed altering the ECB's inflation outlook despite falling oil prices.
• Bank of America forecasts three consecutive 25-basis-point rate hikes by the Federal Reserve in September, October, and December 2026.