* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh

* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv

LONDON, May 23 (Reuters) – Sterling fell to a fresh
five-month low on Wednesday as investors awaited key inflation
data that could help decide if the Bank of England raises
interest rates this year.

Sterling slumped half a percent to $1.3372, its
lowest since Dec. 27, before trimming some of its losses.

A broad rally by the dollar and dwindling expectations that
interest rates will rise have caused what had been one of the
best-performing major currencies to give up all its 2018 gains.

BoE policymaker Gertjan Vlieghe told the Treasury Committee
of parliament on Tuesday that policy rates are set to rise 25 to
50 basis points every year over three years, a comment initially
interpreted by markets as supportive for the pound.

But recent weak economic data means markets are now not even
pricing in a full 25-basis-point hike by the end of 2018.

The inflation data due out at GMT 0830 will be scrutinised
by investors to gauge whether the BoE might tighten monetary
policy as early as August.

Concerns over Brexit meanwhile continue to hurt the pound.

Foreign minister Boris Johnson said Britain must ditch the
European Union’s tariff rules as quickly as possible and run its
own trade policy, Bloomberg reported on Tuesday.
(Reporting by Tom Finn
Editing by Catherine Evans)