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Base effect fades, UK April CPI falls more than expected to 2.8%

MeNews
ME News, May 20 (UTC+8), official data shows that the UK's April CPI annual rate slowed to 2.8% from 3.3% in March, lower than the market expectation of 3.0%, mainly due to the fading base effect from last April's sharp rise in utility prices. Before the US-Israel conflict with Iran, the Bank of England had expected April inflation to be close to the 2% target, but the energy shock from the war led to a significant upward revision, with inflation potentially reaching 6.2% early next year in the worst-case scenario. UK Chancellor Reeves is expected to announce more measures on Thursday to help reduce living costs, including possibly canceling the fuel tax increase scheduled for September. The UK Treasury is also urging supermarkets to introduce voluntary price caps on key food items in exchange for regulatory easing. The key question facing the Bank of England now is whether the overall rise in inflation will evolve into long-term price pressures. Officials say that a weak labor market may suppress workers' demands for pay raises and companies' ability to pass on costs. Tax data shows that both payroll employment and wage growth have slowed significantly. Financial markets are betting that the Bank of England will raise interest rates twice this year (by 25 basis points each) and possibly a third time, while a Reuters survey shows that most economists expect no change in interest rates in 2026. (Source: Jinshi)
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