Inflation surge surprises UK economists

Consumer price inflation in the UK soared to 3% in April, reducing the already-slim chances of a June rate cut to practically nil.

The Bank's last Inflation Report predicted as its baseline scenario that inflation would reach 3% towards the middle of this year.

But the pace at which inflation has quickened, from 2.5% in March to 3% last month, has taken economists across the City of London by surprise.

"Inflation was expected to rise from 2.5% to 2.6%," said George Buckley, the chief UK econo