Investing.com - Consumer price inflation in the U.K. rose to a 14-month high in June, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the rate of consumer price accelerated at a seasonally adjusted 2.9% in June, below expectations for a 3.0% increase and up from 2.7% in May.
Month-over-month, consumer price inflation fell 0.2% last month, compared to expectations for a 0.1% decline and after rising 0.2% in May.
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 rose to a seasonally adjusted 2.3% in June, in line with expectations and up from 2.2% in May.
The retail price index rose 3.3% last month, below expectations for a 3.4% increase, after rising 3.1% May.
Following the release of that data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.3% to trade at 1.5055.
Meanwhile, European stock markets remained lower. London’s FTSE 100 fell 0.1%, the EURO STOXX 50 declined 0.4%, France’s CAC 40 shed 0.5%, while Germany's DAX dipped 0.4%.
In a report, the U.K. Office for National Statistics said the rate of consumer price accelerated at a seasonally adjusted 2.9% in June, below expectations for a 3.0% increase and up from 2.7% in May.
Month-over-month, consumer price inflation fell 0.2% last month, compared to expectations for a 0.1% decline and after rising 0.2% in May.
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 rose to a seasonally adjusted 2.3% in June, in line with expectations and up from 2.2% in May.
The retail price index rose 3.3% last month, below expectations for a 3.4% increase, after rising 3.1% May.
Following the release of that data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.3% to trade at 1.5055.
Meanwhile, European stock markets remained lower. London’s FTSE 100 fell 0.1%, the EURO STOXX 50 declined 0.4%, France’s CAC 40 shed 0.5%, while Germany's DAX dipped 0.4%.