UK inflation fell sharply in April as a drop in energy prices amid the effects of Russia's invasion of Ukraine began to fade.
Most recently, the US consumer price index (CPI) was reported to have increased to 8.7% year-on-year last month from 10.1% recorded in March.
Even so, the figure recorded was higher than expected by the market to decrease to 8.2%.
Meanwhile, on a monthly basis, consumer prices increased by 1.2%, exceeding expectations to decrease by 0.8%.
The Office for National Statistics (ONS) reported a fall in electricity and gas prices had contributed to the fall in annual inflation last month.
In addition, core inflation (excluding food and energy prices) was still higher, rising to 6.8% from 6.2% previously.
Although inflation in the UK has finally eased after months of double-digit increases, the market is still expecting the Bank of England (BOE) to implement another rate hike by the central bank.
Initial currency reaction saw the pound surge, before paring back those gains to trade around 1.2440 against the US dollar at the time of writing.
