It was a busy morning on the UK economic calendar. The UK CPI Report for March was in focus this morning. Following hotter-than-expected wage growth figures, sticky inflation could fuel bets of a 50-basis point BoE interest rate hike in May.
The UK annual inflation rate softened from 10.4% to 10.1% in March. Economists forecast a rate of 9.8%.
According to the Office for National Statistics,
- The Consumer Prices Index, including owner occupiers’ housing costs (CPIH), increased by 8.9% in the 12 months to March 2023, down from 9.2% in February.
- Housing and household services (electricity, gas, and other fuels) and food & non-alcoholic beverages were the main contributors.
- In March, the CPIH increased by 0.7% compared with 0.9% in March 2022, with…
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