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UK borrowing rates close in on last year's 'mini-budget' crisis levels

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LONDON — U.K. borrowing costs are nearing levels not seen since the throes of the bond market crisis triggered by former Prime Minister Liz Truss' disastrous mini-budget.

New data on Wednesday showed that the U.K. consumer price inflation rate fell by less than expected in April. The annual consumer price index dropped from 10.1% in March to 8.7% in April, well above consensus estimates and the Bank of England's forecast of 8.4%.

With inflation continuing to prove stickier than the government and the central bank had hoped, now almost double the comparable rate in the U.S.

and considerably higher than in Europe, traders increased bets that interest rates will need to be hiked further in order to curtail price rises.

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