"I have become more confident in the evidence that risks to persistence in domestic inflation pressures are receding," Bank of England Deputy Governor Dave Ramsden on Friday, per Reuters.

"There are likely to be bumps in the disinflation process from one month to the next," Ramsden added and said that the balance of domestic risks to the outlook for the UK inflation is now tilted to the downside.

Market reaction

These comments failed to trigger a noticeable market reaction. At the time of press, GBP/USD was up 0.1% on the day at 1.2450.