LONDON: UK inflation slowed to a 13-month low in April, approaching the Bank of England’s (BoE) 2% target faster than economists had anticipated.
The rate of price growth fell to 2.4% from 2.5% in March, defying analysts’ predictions for no change. That sent the pound to the lowest level this year on Wednesday, and a market gauge of the likelihood of an August interest-rate hike slid to about 41%, from 47% on Tuesday.
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