- UK CPI rose 3.4% year-on-year in February versus 3.6% expected.
- British monthly inflation jumped to 0.6% in February versus an estimated 0.7%.
- GBP/USD falls to test the 1.2700 level following UK CPI inflation data.
He UK consumer price index (CPI) rose 3.4% year-on-year in February, which represents a cooling compared to the 4.0% increase recorded in January, as data published by the Office for National Statistics (ONS) showed on Wednesday. The market consensus was for an increase of 3.6%.
Core CPI (excluding volatile food and energy) rose 4.5% year-on-year in February, compared to 5.1% in January, and did not reach the expected 4.6%.
Meanwhile, On a monthly basis, the UK consumer price index rose 0.6% in Februarycompared to expectations of a 0.7% increase and January's 0.6% drop.
GBP/USD Reaction to UK CPI Inflation Data
The GBP/USD pair came under intense selling pressure and tested the 1.2700 level following the bearish UK headline CPI data, before rebounding to 1.2717, where it now falters. The pair is trading flat today.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
