Quick Take U.K. CPI inflation in the month of March was at 10.1% — 0.3% lower than the previous month. This was the seventh consecutive month inflation remained above 10%. While the U.K. core CPI did not come down, in fact, month over month — it rose +0.9%. Food price inflation rose to the highest level in 45 years. At the next meeting, money markets are now pricing a 5% terminal rate for the BOE and a 91% probability of a 25bps rate hike. UK Inflation: (Source: BOE)

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