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Global Exchange

Exchange Rates for Thursday 17th May 2012

18 May

UK CPI hits a 17-month high

The consumer price index (CPI), the UK's principle measure of inflation, hit a 17-month high this morning at 3.7% for April, meaning that Bank of England Governor, Mervyn King, will have to write to new UK Chancellor George Osborne to explain why.

Year-on-year the CPI reached it's highest level since November 2008, increasing from 0.3% in the same period last year April 2008 which was above expectations of a 0.1% rise.

It is the role of the Bank of England to keep interest rates within 1% of it's 2% target, with an explanation due to the Chancellor if CPI is above or below 2% by more than 1%.

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