CPI jumps to 17-month high

Year-on-year, CPI hit its highest rate since November 2008, rising 0.3% from last April's reading of 3.4%. The increase beat out expectations of a more conservative rise of 0.1%, and was well above the target of 2%. Governor of the Bank of England King must now explain to Britain's new Chancellor why the cost of living is more than a percentage point above the official target. Month-on-month CPI was 0.6%, matching the reading a month prior, but exceeding forecasts it would fall to 0.4%. The Retail Price Index (RPI), a wider measure of inflation which includes mortgage payments, ...