The FTSE 100 plunged in early trading after a shock rise in inflation wrong-footed markets.
Britain’s flagship stock index sank by 1.7pc - more than 100 points - to below 7,450 after inflation rose unexpectedly to 4pc in December, according to the Office for National Statistics.
The rate of inflation increased from 3.9pc in November and was higher than the 3.8pc that had been predicted by economists.
It was the first time inflation has risen since February last year and puts it back at double the Bank of England’s 2pc target.
The stocks sell-off comes as traders reduced their bets on early interest rate cuts.
Money markets think policymakers will begin reducing rates from their 16-year highs of 5.25pc by June, having previously predicted a first cut by May.
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2024-01-17 09:52:00Z
CBMiZmh0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDI0LzAxLzE3L2Z0c2UtMTAwLW1hcmtldHMtbGF0ZXN0LW5ld3MtaW5mbGF0aW9uLWludGVyZXN0LXJhdGVzL9IBAA
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