UK inflation eases less than expected to 3.2% in March

Inflation in the U.K. eased to 3.2% in March, the Office for National Statistics said on Wednesday, slightly higher than the 3.1% forecast from economists polled by Reuters.Food prices provided the biggest downward drag on the headline rate, the ONS said, while motor fuels pushed it higher.

This week, investors have been monitoring signs of a cooling U.K. labor market, with unemployment unexpectedly rising to 4.2% in the period between December and February.he saw "strong evidence" that higher interest rates were working to tame the rate of price rises, which has cooled from a peak of 11.1% in October 2022. The central bank's own forecast is for inflation to "briefly drop" to its 2% target in the spring before increasing slightly.

Market pricing currently suggests the BOE will implement two interest rate cuts in 2024 from its current rate of 5.25%, starting in August or September. Uncertainty over this timeline has now increased, given signs of

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