Inflation softer than expected in April; Retail Price Index m/m ticks higher
The London’s Office for National Statistics announced an increase of 0.6% in UK Consumer Price Index m/m in line with expectations compared to 0.3% previously. On a yearly basis, CPI came out at 3.0% versus 3.1% expected from 3.5% on the last release.
This release confirmed the Bank of England’s statement that CPI inflation would remain above the 2% target “for the next year or so”.
We also have the UK RPI m/m which climbed to 0.7% in April against consensus for 0.6% versus 0.4% previously.
The cable dropped 70 pips after the announcement, and traded around 1.5780 at the time of writing.
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