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Britain’s high inflation rate fell by less than expected in April and a closely watched core measure of price growth surged to a 31-year high, according to official data that will cement bets on more Bank of England interest rate hikes.
The consumer price index rose by 8.7 percent in annual terms in April, leaving Britain with the joint highest rate of inflation among Group of Seven advanced economies along with Italy.
Economists polled by Reuters had forecast that the headline CPI annual rate would drop to 8.2 percent in April, moving further away from October’s 41-year high of 11.1 percent .
Earlier this month, the BoE forecast inflation of 8.4 percent for April.
“With inflation proving stickier than the Bank expected, it now seems all but certain that the Bank will raise interest rates from 4.
