Inflation data from the UK released yesterday by the Office for National statistics (ONS) showed an unexpected decline in consumer prices for the month of April. Inflation rate fell to 0.30% on a year over year basis in April down from 0.50% increase in March which marked at 15-month high. The decline in the monthly inflation rate was driven by lower cost of air fares and clothing. The inflation rate missed estimates of a 0.50% increase in consumer prices. A month ago, BoE Governor Mark Carney told the markets not to read too much into the March rise in consumer prices which he said was due to an "Easter effect" and that inflation would weaken over the coming months.