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