The UK Consumer Price Index (CPI) has risen 5.5% in the year-on-year reading for January, exceeding the previous 5.4% expected by the market, according to the British Office for National Statistics (ONS). This is the highest level of inflation reached in the historical series beginning in January 1997, and the highest CPI registered since March 1992 compared to the series that previously measured the data.
The monthly inflation has stood at -0.1% from +0.5% in December, showing negative for the first time since January 2021, just one year ago. The market consensus expected it to fall to -0.4%.
The annual core CPI has risen to 4.4% in January from 4.2% in the previous month, standing one tenth above the estimated 4.3%.
GBP/USD reaction
Driven by risk appetite, the GBP/USD is making up ground this Wednesday, rising just on the release of the data to its highest level of the day at 1.3561. At time of writing, the pair is trading above 1.3560, gaining 0.17% daily.
Source: Fx Street
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