UK inflation slows to 2.3% on lower energy costs; government borrowing fourth-highest April figure on record – business live

Services inflation higher than expected; electricity and gas prices in record 27% drop, food price rises lowest since 2021Financial markets have scaled back their expectations for an interest rate cut in June, and August is also looking slightly less likely. They are forecasting a reduction by September, though.Before today’s inflation data, which showed services inflation is more stubborn than expected, markets had fully priced in two rate cuts this year, one by August and another one bef