Traders have ramped up bets on interest rates hitting 5pc after a surprise jump in consumer confidence.
Consumer confidence has hit its highest point since the outbreak of war in Ukraine, according to a long-running survey from GfK.
The survey recorded an eight point jump in April compared to last month, reaching levels not seen since Russia's invasion.
It comes despite figures showing falling retail sales after the wettest March in 40 years.
March data showed investors were now ramping up their bets on successive rate rises from the Bank of England in the coming months, with a peak near 5pc expected in November.
Investors have been reassessing the outlook for interest rates after surprisingly high inflation reading earlier this week. Prices rose by 10.1pc in March, despite expectations inflation would fall into single digits.
The confidence figures from GfK point to more spending, which could keep drive prices higher.
Separate data from the Office for National Statistics showed a slowdown in retail sales in March, dropping 0.9pc. However, analysts said the figure was likely a blip caused by unusually wet weather.
https://news.google.com/rss/articles/CBMiaWh0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDIzLzA0LzIxL2Z0c2UtMTAwLW1hcmtldHMtbGl2ZS11ay1yZXRhaWwtc2FsZXMtdHdpdHRlci1ibHVlLXRpY2tzL9IBAA?oc=5
2023-04-21 08:01:59Z
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