Probability of June rate cut falls on UK data

The chances of the Bank of England's Monetary Policy Committee (MPC) opting to cut rates next month looked slim after data out Monday showed producer price inflation (PPI) shot up in April.

The Office for National Statistics, a government bureau, reported a surge in headline PPI from 6.5% in March to 7.5% last month - a record high since the measure came into being in 1986. The core measure rose from 3.4% to 4.6%. Headline input-price inflation soared to 23.3% from 20.1%. The core estimate wa