Global Inflation Rates: Surprises and Cools in March

UK inflation remained at 10.1% in March, above expectations, due to soaring food and energy bills. The Bank of England faces a tough task as core inflation remains unchanged at 5.7%, and workers across various sectors have launched mass strike action amid disputes over pay and conditions. The government aims to drive down inflation with cost-of-living support worth an average of £3,300 per household over this year and last, funded through windfall taxes on energy profits. The Bank of England hiked interest rates by 25 basis points to 4.25% last month, and traders are pricing a 72% probability of a further quarter-point hike at the Monetary Policy Committee's meeting on May 11.