Inflation

The UK CPI inflation rate rose in the year to April, the first increase in ten months, according to the Office for National Statistics (ONS).

Bank of England Governor Mark Carney has tried to defuse expectations of an imminent rate hike by saying it would "not be the right tool" to deal with the UK's booming housing market.

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The UK's headline inflation rate dropped to 1.7% in February, its lowest level since late 2009.

The governor of the Bank of England, Mark Carney, has warned the 2% target for inflation has become a "dangerous distraction" for the UK's policymakers.

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Sterling fell slightly against most major currencies this morning after the Office of National Statistics reported higher-than-expected unemployment figures.

The UK inflation rate dropped to 1.9% in January, marking the first time it has fallen below the Bank of England's target of 2% since November 2009.