UK inflation fall takes markets by surprise

Bank of England

The UK's Office for National Statistics (ONS) today revealed consumer price inflation, the measure targeted by the Bank of England's monetary policy committee (MPC), fell for the first time in six months by 40 basis points, to 2.4% in the year to April 2013.

The figures surprised the market, although the Bank of England's inflation report, released last week, did show the MPC predicting a drop in inflation for April before it kicks up again towards 3% by the end of the first half of this year.

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