Inflation in Britain held steady in June as the Bank of England inches toward its first interest rate cut in more than four years.

Consumer prices rose 2 percent from a year earlier, the same rate as in May, and in line with the central bank’s target, the Office for National Statistics said Wednesday. Inflation was pulled down by slowing price growth for groceries and clothing but offset by faster inflation for hotels. Food prices rose 1.5 percent compared with a year ago.

The inflation report and data on wage growth expected on Thursday are being closely watched by investors, who have been betting that there is about an even chance the central bank will cut rates at its next meeting, in early August.

Central banks around the world are tentatively lowering rates or suggesting cuts in a sign that the worst of the recent inflation crisis is over, but policymakers are wary that rising energy prices, strong wage growth or other price pressures could keep inflation uncomfortably high. The European Central Bank cut rates last month but is expected to hold off in its meeting this week. The Federal Reserve has avoided giving any timing on rate cuts, even after signaling they were likely to come.

For nearly a year, policymakers at the Bank of England have held interest rates at the highest level since 2008. But in recent months, as inflation has slowed considerably, pressure has grown on the bank to cut rates, which would ease the burden on mortgage holders, potentially reignite construction activity and make it cheaper for businesses to get loans.

Most members of the nine-person rate-setting committee have resisted. Even as the headline rate of inflation has dropped, inflation in the services sector has been stubbornly high and wage growth has been strong. Central bank officials, doubting whether inflation will stay sustainably low, have not wanted to risk cutting rates prematurely.