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UK Inflation Rises To 3.5% In April, Tops Forecasts

The United Kingdom’s annual inflation rate rose to 3.5% in April, according to data released Wednesday by the Office for National Statistics (ONS), exceeding analyst forecasts and halting a recent trend of cooling price growth. Economists surveyed by Reuters had predicted a smaller rise to 3.3% in the twelve months to April. The unexpected uptick follows a gradual decline earlier this year, with inflation coming in at 2.8% in February and 2.6% in March. Core inflation — which strips out the more volatile costs of energy, food, alcohol, and tobacco — also rose, hitting 3.8% in April, up from 3.4% the month before. The ONS said the largest upward contributions to April’s inflation figure came from housing and household services, transport, and recreation and culture. These gains were partially offset by downward pressure from clothing and footwear prices. Economists had anticipated some inflationary pressure this month, attributing the increase to