Global Economy
UK inflation nears target for second month running – higher than expected Photo gallery Image: Alistair Grant AP/TT
Economy (TT-Bloomberg)
The pound rose a few pence in early foreign exchange trading on Wednesday after the country's statistics office released unexpectedly high inflation figures for June.
UK consumer prices rose by 2.0 percent year-on-year in June – the second month in a row with inflation at the same level. Analysts on average had expected inflation to fall to 1.9 percent.
Core inflation – excluding energy and food – also moved sideways and stood at 3.5 percent.
The pound, which cost 12.85 Swedish krona in January, now costs 13.74 Swedish krona, according to the report. The British currency is thus hovering close to this year’s high of 13.77 Swedish krona at the end of April – which in turn is the highest in nearly 20 years.
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