Investing.com - Consumer price inflation in the U.K. slowed more-than-expected in April, hitting a seven-month low, 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 2.4% in April, compared to expectations for a 2.6% increase and down from 2.8% in March.
Month-over-month, consumer price inflation rose 0.2% last month, below expectations for a 0.4% increase, after rising 0.3% in March.
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 slowed to a seasonally adjusted 2% in April from 2.4% in March. Analysts’ had expected core prices to ease to 2.3%.
The retail price index rose 2.9% last month, compared to expectations for a 3.1% increase, after rising 3.3% March.
Following the release of that data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.42% to trade at 1.5194.
Meanwhile, European stock markets remained mixed. London’s FTSE 100 added 0.2%, the EURO STOXX 50 declined 0.2%, France’s CAC 40 fell 0.2%, while Germany's DAX dipped 0.1%.
In a report, the U.K. Office for National Statistics said the rate of consumer price accelerated at a seasonally adjusted 2.4% in April, compared to expectations for a 2.6% increase and down from 2.8% in March.
Month-over-month, consumer price inflation rose 0.2% last month, below expectations for a 0.4% increase, after rising 0.3% in March.
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 slowed to a seasonally adjusted 2% in April from 2.4% in March. Analysts’ had expected core prices to ease to 2.3%.
The retail price index rose 2.9% last month, compared to expectations for a 3.1% increase, after rising 3.3% March.
Following the release of that data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.42% to trade at 1.5194.
Meanwhile, European stock markets remained mixed. London’s FTSE 100 added 0.2%, the EURO STOXX 50 declined 0.2%, France’s CAC 40 fell 0.2%, while Germany's DAX dipped 0.1%.