Britain's inflation rate drops to 10.1% in March, down from 10.4% in February but well above forecasts.
Core inflation – which strips out volatile energy and food prices – failed to fall as expected and instead held at 6.2%, while services inflation – which the BoE views as a proxy for domestic price pressures – held at 6.6%.
Earlier this month, the BoE’s chief economist, Huw Pill, said the central bank still needed to “see the job through” on monetary policy tightening, though he saw some signs of falling inflation pressures. “These figures reaffirm exactly why we must continue with our efforts to drive down inflation so we can ease pressure on families and businesses,” finance minister Jeremy Hunt said.in the public sector, most recently among junior doctors who want a 35% pay rise to compensate for more than a decade of pay not keeping up with their preferred inflation gauge.
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