The Globe and Mail reports in its Thursday edition that Britain experienced a larger-than-expected inflation surge in April, with the annual rate hitting 3.5 per cent, its highest since January, 2024. A Reuters dispatch to The Globe reports that this increase from 2.6 per cent in March was the largest monthly jump since 2022. A Reuters poll had predicted a 3.3-per-cent reading, with the Bank of England estimating 3.4 per cent. Britain now has the second-highest inflation rate among major Western European economies. Finance Minister Rachel Reeves expressed disappointment over the data, which raise concerns about the slowing economy. She said, "We are a long way from the double-digit inflation we saw under the previous administration, but I'm determined that we go further and faster to put more money in people's pockets." Investors reduced the chance of a BOE rate cut in August to 40 per cent from 60 per cent after the inflation data. Interest-rate futures still sow about 37 basis points of rate cuts by the end of 2025. JPMorgan economist Allan Monks noted that the data raises doubts about a summer rate cut and suggest a stronger hawkish bias for the BOE, stating that the likelihood of an August cut has decreased.