British businesses have lowered their expectations for inflation over the year ahead and how much they will increase prices, a Bank of England survey showed on Thursday.

Businesses surveyed in August expect to raise prices by 4.9% over the coming year, 0.5 percentage points less than in July, while they expect consumer price inflation to be 4.8% in a year's time, down from expectations of 5.4% in July.

Businesses' wage growth expectations were unchanged at 5.0%, the Decision Maker Panel figures showed.

(Reporting by David Milliken, editing by Andy Bruce)