UK inflation unexpectedly surges to 3.5% after rate cuts

UK inflation moved in the wrong direction in April, jumping to 3.5% just weeks after the Bank of England cut interest rates.

The new figure, released Wednesday by the Office for National Statistics (ONS), came in higher than the 3.3% forecast by analysts polled by Reuters. It breaks from two months of falling price growth, with the rate at 2.8% in February and 2.6% in March.

Core inflation, which leaves out prices of energy, food, alcohol, and tobacco, rose to 3.8% over the twelve months to April. That number had been 3.4% the month before.