UK inflation comes in at 2.2% for August, matching expectations

U.K. inflation came in at 2.2% for the month of August, data from the Office for National Statistics showed Wednesday.

The headline consumer price index (CPI) reading matched analyst expectations, according to economists polled by Reuters, and was in line with the previous 2.2% reading in July.

Headline CPI had come in at 2% in May and June, in line with the Bank of England's target rate.

BOE policymakers will meet on Thursday to give their latest monetary policy decision, with traders largely expecting the bank to hold rates steady.

Bets for a second consecutive 25 basis point cut doubled to almost 40% this week, however, on the prospect of a more aggressive reduction in borrowing costs when the U.S. Federal Reserve meets Wednesday.

This is a breaking news story and is being updated.