The proportion of British businesses expecting to raise prices has fallen in a latest sign that price pressures have peaked after inflation hit a 41-year high last year, a survey published on Thursday showed.

The Office for National Statistics said 18% of businesses expected to increase the prices of goods or services they sell next month, down from 23% in a similar survey conducted last month.

British consumer price inflation stood at 10.1% in March, down from a peak of 11.1% in October but still five times the Bank of England's 2% target.

The Bank of England has said it expects inflation to fall to about 5% by the end of this year. It has raised interest rates 12 times since December 2021 and investors think it is likely to increase borrowing costs once again in June.

(Reporting by William Schomberg, editing by Andy Bruce)