14 May
Britain’s consumer price index surged to 3.5% in April
Bloomberg reports that a surge in the UK inflation in April exceeded forecasts. Prices grew at the fastest pace in over a year, which prompted traders to slash their bets on rate cuts by the country’s central bank.
According to the UK Office for National Statistics, last month, the consumer price index rose to 3.5% from March’s 2.6%, driven by higher energy and administered prices. The Bank of England had expected the index to increase to 3.4%, and economists had forecast a rise to 3.3%, the news agency says.
Services inflation, watched closely by the regulator, accelerated to 5.4% from 4.7%. The British central bank had projected a 5% rise in prices in this sector. The core inflation rate, which excludes food and energy, stood at 3.8%, the highest level since April last year.
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