Bank of England member: I wouldn't bet big on the latest inflation report.

Bank of England member Megan Greene stated in remarks issued on Tuesday that the UK is facing risks regarding economic growth on both sides – both upside and downside risks. Greene emphasized the importance of caution and a gradual approach when the Bank of England discusses decisions regarding interest rate cuts.

Additionally, the Bank of England member mentioned that she would not place a large bet on the recent inflation data report, which showed a slowdown in inflation growth in the UK for September, as this decline may be driven by some fluctuations in the components of the Consumer Price Index.

Moreover, the Bank of England member clarified that the evidence and signs regarding inflation resistance to decline are moving in the right direction, but the issue here is the speed of the decline.

Official statistics revealed a slowdown in the overall inflation rate in the UK to 1.7% year-on-year in September, below the Bank of England's target of 2%. Markets had anticipated a slowdown in the index to record 1.9%, while the rate of change in the Consumer Price Index had recorded a growth of 2.2% in August.