Investing.com - Consumer price inflation in the U.K. slowed in line with market expectations in July, 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 2.8% in July, in line with expectations and down from 2.9% in June.
Month-over-month, consumer price inflation was flat last month, compared to expectations for a 0.1% increase and after falling 0.2% in June.
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 by a seasonally adjusted 2% in July, below expectations for a 2.3% increase.
The retail price index rose 3.1% last month, in line with expectations, after rising 3.3% June.
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD easing up 0.01% to trade at 1.5463.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.6%, the EURO STOXX 50 added 0.5%, France’s CAC 40 inched up 0.35%, while Germany's DAX advanced 0.8%.
In a report, the U.K. Office for National Statistics said the rate of consumer price accelerated at a seasonally adjusted 2.8% in July, in line with expectations and down from 2.9% in June.
Month-over-month, consumer price inflation was flat last month, compared to expectations for a 0.1% increase and after falling 0.2% in June.
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 by a seasonally adjusted 2% in July, below expectations for a 2.3% increase.
The retail price index rose 3.1% last month, in line with expectations, after rising 3.3% June.
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD easing up 0.01% to trade at 1.5463.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.6%, the EURO STOXX 50 added 0.5%, France’s CAC 40 inched up 0.35%, while Germany's DAX advanced 0.8%.