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Consumer Prices (Mar.)

​​​​​​Plunging energy price inflation will soon drag down CPI inflation more significantly, but the stubbornness of core inflation suggests that the fight against inflation is lasting longer than the Bank of England expected. This supports our long-held view that the Bank will raise interest rates to 4.50% (from 4.25% now) in May. It’s possible that rates may have to rise higher.

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