FXStreet (Mumbai) - The National Institute of Economic and Social Research (NIESR) in its latest quarterly outlook published on Wednesday revised lower UK growth forecasts by one percentage points than previous. NIESR now sees the UK economic growth slowing to 2.4% this year and 2.3% in 2016. The report also predicted inflation picking-up pace early next year, averaging at 1.1% throughout 2016 before rising close to the 2% target in 2017. On the BOE rate hike prospects, NIESR expects BOE to hike rates in February 2016, while noting that there remain risks that the policymakers could push back to the second quarter. The NIESR quarterly forecast is published just a day before the BOE policy decision, minutes and inflation report due for release on Thursday. For more information, read our latest forex news.