The pound euro (GBP/EUR) exchange rate is falling after 5-day of gains.
The euro is rising after stickier-than-expected eurozone inflation and stronger-than-expected Q1 GDP growth.
Eurozone GDP rose 0.4% QoQ, ahead of the 0.3% forecast and up from 0% in Q4 2023. The data suggests the economy is starting to recover.
The market reined in rate cut expectations slightly, lifting the EUR.
The pound is falling as shop price growth slows to its lowest level since December 2021. Food price inflation eased to 0.8% in April, down from 1.3% in March and points to easing inflationary pressures.
The figures from the BRC come as the BoE assesses when to start cutting interest rates.
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