Inflation woes continue for UK, BOE faces tough decisions

Quick Take

• U.K. CPI inflation in the month of March was at 10.1% — 0.3% lower than the previous month.
• This was the seventh consecutive month inflation remained above 10%.
• While the U.K. core CPI did not come down, in fact, month over month — it rose +0.9%.
• Food price inflation rose to the highest level in 45 years.
• At the next meeting, money markets are now pricing a 5% terminal rate for the BOE and a 91% probability of a 25bps rate hike.

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