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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Gilts slipped sharply lower as data showed that consumer inflation jumped in April, which could make it harder for the Bank of England to cut rates any time soon.

According to the Office for National Statistics, the Consumer Prices Index hit 3% in April driven by high food and fuel costs, up from 2.5% in March, and against expectations of 2.6%.

In other economic news, house sales are running at their lowest levels in thirty years, the latest survey from the Royal Institution of Chartered Surveyors (RICS) revealed.

The British Retail Consortium (BRC) said today that high street sales in April were down by 1.5% on last year.

Two-year gilt yield surged 16 basis points to 4.52% while the ten-year yield jumped 10 basis points to 4.71%.

US ten-year note yield surged 6 basis points to 3.86%, while the German ten-year bund yield was up 7 basis points to 4.08%.

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