Investing.com - Consumer price inflation in the U.K. rose broadly in line with market expectations in September, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the rate of consumer price inflation decelerated to a seasonally adjusted 2.2% in September from 2.5% in August.
Month-over-month, consumer price inflation rose 0.4%, in line with expectations, after rising 0.5% in August.
The rate of inflation remains above the Bank of England’s 2.0% target, but the Bank of England will not be obliged to write to the Chancellor of the Exchequer, as the inflation rate is less than a percentage point above or below its target.
Core CPI, which excludes food, energy, alcohol, and tobacco costs held steady at a seasonally adjusted 2.1% in September, in line with expectations.
The retail price index rose 2.6% last month, matching market expectations, after increasing 2.9% August.
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.19% to trade at 1.6101.
Meanwhile, European stock markets remained broadly higher. London’s FTSE 100 rose 0.35%, the EURO STOXX 50 climbed 0.6%, France’s CAC 40 added 0.25%, while Germany's DAX advanced 0.5%.
In a report, the U.K. Office for National Statistics said the rate of consumer price inflation decelerated to a seasonally adjusted 2.2% in September from 2.5% in August.
Month-over-month, consumer price inflation rose 0.4%, in line with expectations, after rising 0.5% in August.
The rate of inflation remains above the Bank of England’s 2.0% target, but the Bank of England will not be obliged to write to the Chancellor of the Exchequer, as the inflation rate is less than a percentage point above or below its target.
Core CPI, which excludes food, energy, alcohol, and tobacco costs held steady at a seasonally adjusted 2.1% in September, in line with expectations.
The retail price index rose 2.6% last month, matching market expectations, after increasing 2.9% August.
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.19% to trade at 1.6101.
Meanwhile, European stock markets remained broadly higher. London’s FTSE 100 rose 0.35%, the EURO STOXX 50 climbed 0.6%, France’s CAC 40 added 0.25%, while Germany's DAX advanced 0.5%.