Investing.com - Consumer price inflation in the U.K. accelerated more than expected in June, hitting the highest level since January, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the rate of consumer price inflation rose at a seasonally adjusted 1.9% last month, accelerating from 1.5% in May and compared to expectations for a reading of 1.6%.
Month-over-month, consumer price inflation increased 0.2% in June, compared to estimates for a 0.1% decline.
Core CPI, which excludes food, energy, alcohol, and tobacco costs rose at a seasonally adjusted rate of 2% last month, up from 1.6% in May. Analysts had expected core prices to rise 1.7% in June.
The retail price index increased 2.6% in June, above expectations for 2.5% and up from 2.4% in May.
The data also showed that the house prices index climbed 10.5% in May, compared to forecasts for a 10.2% gain and accelerating from a 9.9% increase in April.
Following the release of that data, the pound turned higher against the U.S. dollar, with GBP/USD rising 0.31% to trade at 1.7136, compared to 1.7102 ahead of the data.
Meanwhile, European stock markets remained mixed. London’s FTSE 100 inched up 0.1%, the DJ Euro Stoxx 50 shed 0.5%, France’s CAC 40 dipped 0.2%, while Germany's DAX slumped 0.2%.