Central banks continue to proceed cautiously on monetary policy opting to wait for more data before being convinced that deflationary pressures are receding. This week, UK's consumer price index data showed a 0.50% increase in March on the headline while the core CPI jumped 1.50%, both beating estimates and rising above the previous month's reading. However, it failed to evoke any hawkish response from the Bank of England, which met later in the week. Brushing aside the data, the BoE attributed the rise in inflation due to seasonal trends, namely the 'Easter Effects' as the bank remained dovish in its outlook leaving interest rate at 0.50%. The Bank of Canada's rate statement also saw a similar tone, but it raised its forecasts on GDP for the first half of the year.