UK CPI strengthens GBP

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The United Kingdom's Office for National Statistics has published the country's monthly Consumer Price Index data. Annual inflation in the UK remains at 2.2%, which indicates that the Bank of England has to keep monetary policy tight. This fact caused an appreciation of the GBP.

The target of the BoE for annual inflation is 2.0%. Inflation had been decreasing over time and reached 2.2% in July. However, as this was not enough, the BoE increased its Official Bank Rate from 5.25% up to 5.50%. The data for August now shows that inflation is still 2.2%, which merits a higher bank rate and increased demand for the GBP.
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