UK CPI inflation rose from 2.6% in March to 3.5% in April, according to the ONS. It was also marginally higher than the 3.3% forecast by economists, according to Reuters. This was primarily expected, due to higher regulated prices such as energy and water, an increase in employers’ National Insurance, and a rise in the National Living Wage. Core CPI inflation, which excludes energy, food, alcohol, and tobacco, rose from 3.4% in March to 3.8% in April.

Services inflation, which the Bank of England monitors as a key measure of underlying price pressures, now that the energy and commodity price spikes have passed through the annual inflation figures, also rose significantly, from 4.7% in March to 5.4% in April, whilst economists had expected it to only rise to 4.8%.

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