UK inflation has surged to a 10-year high of 5.1%, surpassing all economist forecasts and ramping up pressure on the Bank of England to lift rates
Price pressure from a broad range of consumer goods and services - but especially petrol, clothing and footwear - lay behind the increase in inflation to its highest since September 2011, the Office for National Statistics said.
The BoE has said interest rates will almost certainly need to rise to bring down inflation pressures, but held off on a widely expected move last month due to uncertainty about the impact of the end of the government's job furlough programme. However, any immediate rise in borrowing costs would do little to curb a short-term rise in inflation.
Interest rate futures now price in a 63% chance of a rate rise on Thursday - compared with below 50% on Wednesday, and see a slightly faster pace of tightening in 2022. ,
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