Investing.com - Consumer price inflation in the U.K. was unchanged in September, 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 2.7% last month, unchanged from August.
Analysts had expected consumer price inflation to tick down to 2.6% last month.
Month-over-month, consumer price inflation rose by 0.4% in September, above expectations for a 0.3% increase.
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 2.2% last month, accelerating from 2% in August.
The retail price index rose 3.2% in September, in line with forecasts, after rising 3.3% in August.
The data also showed that the house prices index climbed 3.8% last month, above expectations for a 3.6% gain and accelerating from a 3.3% increase in August.
Following the release of that data, the pound turned higher against the U.S. dollar, with GBP/USD easing up 0.14% to trade at 1.6004.
Meanwhile, European stock markets held on to gains. London’s FTSE 100 rose 0.65%, the EURO STOXX 50 advanced 0.6%, France’s CAC 40 gained 0.5%, while Germany's DAX added 0.6%.
In a report, the U.K. Office for National Statistics said the rate of consumer price accelerated at a seasonally adjusted 2.7% last month, unchanged from August.
Analysts had expected consumer price inflation to tick down to 2.6% last month.
Month-over-month, consumer price inflation rose by 0.4% in September, above expectations for a 0.3% increase.
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 2.2% last month, accelerating from 2% in August.
The retail price index rose 3.2% in September, in line with forecasts, after rising 3.3% in August.
The data also showed that the house prices index climbed 3.8% last month, above expectations for a 3.6% gain and accelerating from a 3.3% increase in August.
Following the release of that data, the pound turned higher against the U.S. dollar, with GBP/USD easing up 0.14% to trade at 1.6004.
Meanwhile, European stock markets held on to gains. London’s FTSE 100 rose 0.65%, the EURO STOXX 50 advanced 0.6%, France’s CAC 40 gained 0.5%, while Germany's DAX added 0.6%.