UK CPI rose by 2.3% YoY in April, above the 2.1% BoE forecast, driven by energy price drop impact. Core CPI surged 3.9% YoY, with services prices climbing 5.9% YoY, indicating strong price pressures.
Data casts doubt on BoE's rate cut in June as implied by prior forecasts. Expectation shifts towards delaying cuts until August due to stubborn inflationary pressures. GBP saw a modest rally post CPI release, with risks for pound leaning positively.
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