British pound hits day’s minimums as UK inflation stands still

British pound hits day’s minimums as UK inflation stands still

On Tuesday, the British pound declined to the day’s minimums versus the US currency after data demonstrating that Britain’s annual inflation rate suddenly remained intact in July, thus relieving pressure on the Bank of England to lift rates.

The currency pair GBP/USD slid 0.36% trading at 1.2918.

Consumer prices rallied 2.6% versus 2016, as the Office for National Statistics informed. It’s moderately below economists' hopes for a 2.7% annual ascend.

Descending motor fuel prices were compensated by higher prices for utilities, clothes and food, as the ONS reported.

Excluding crude prices as well as other volatile components, including food, core consumer price inflation inched up by 2.4% from 2016, versus economists' hopes for 2.5%.

In July, the level utilized by the government to set rail fare hikes, the retail price index grew by an annualized 3.6% versus 3.5% in the previous month.

Financial experts had hoped for an intact outcome.

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