LONDON (Reuters) – British inflation held at 3.8% in August, remaining the highest of any major advanced economy, according to official data that underscores why investors believe the Bank of England is unlikely to cut interest rates again this year.

High inflation is a problem for Britain’s government as well as the BoE. Finance minister Rachel Reeves said last week that the government should focus on helping the central bank to lower inflation as well as boosting economic growth.

Inflation for consumer services – closely watched as a gauge of domestic price pressures by the BoE – slowed to 4.7% from 5.0% in August, the Office for National Statistics said on Wednesday.

Core inflation, which excludes energy, food and tobacco prices, fell to 3.6% from 3.8%.

Most economists polled by Reu

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