UK inflation slowed less than expected last month as fuel prices crept higher, prompting traders to further unwind bets on how many interest rate cuts the Bank of England will deliver this year.
British inflation is broadly declining in line with the Bank of England's forecasts, and next month's numbers look on track for a sharp drop towards the central bank's 2% target, Governor Andrew Bailey said on Wednesday.
Japan’s core inflation rose 2.6 per cent in March on the back of a weaker yen, marking two years since prices began to rise above the Bank of Japan’s target. The steep decline
Inflation fell more slowly than expected last month due in part to higher fuel prices, increasing the chances that the Bank of England will delay cutting interest rates until much later this year.
South Africa's rand was unchanged on Wednesday after local inflation fell slightly more than expected in March, but not enough to change the outlook on interest rates. At 1516 GMT, the rand traded at 19.
However, Wednesday’s figure also marked the lowest UK inflation rate since 2021. Driven by a fall in food prices, it was also lower than the rate of price growth in the US for the first time since March 2022 Core inflation,
Britain's inflation rate slowed by less than expected in March, according to official figures published on Wednesday, adding to signs that a first interest rate cut by the Bank of England could be further off than previously thought.