UK inflation falls less than expected, dashing rate hopes
- Inflation in Britain decreased less than anticipated in April with a key core measure barely dropping, impacting bets on a rate cut that might have benefitted Prime Minister Rishi Sunak before an upcoming election.
- UK consumer prices rose by 2.3%, significantly lower than the prior month, contrary to expectations from the Bank of England and economists, who anticipated a larger decline to 2.1%.
- Following the inflation data release, investors reduced the probability of a Bank of England rate cut in June from 50% to 18%, as services inflation exceeded expectations and petrol prices rose.
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