Let's start with the good news. After nearly three years in which inflation was well above the Bank of England's 2% target, it is finally back into what might be considered 'normal' levels. Money latest: Interest rate cut blow as inflation drops less than expected Inflation is the rate at which prices are changing over the past year, and that annual rate dropped from 3.2% in March to 2.3% in April.
While, in the minutes before the inflation data was released, investors were putting a 50% probability of the Bank of England cutting interest rates at its next meeting in June, that probability dropped to just 14% after the inflation data. But there's a deeper reason to be wary of declaring 'mission accomplished' on the cost of living crisis today, which is that for most people, the crisis doesn't yet feel over in the slightest.
Source: Energy Industry News (energyindustrynews.net)
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