The UK Consumer Price Index year-on-year has risen to 9% in April from 7% in March, its highest level in the series published by National Statistics since it began in January 1997. It is also the largest increase seen in the previously constructed series, which dates back to January 1989. The result, not However, it slightly improves the 9.1% expected by the market.
Monthly inflation is up 2.5%, above the previous 1.1%, although below the 2.6% estimate.
The YoY core CPI has jumped to 6.2%as expected, from 5.7% in March, its highest level in the current historical series.
The consumer price index, including owners’ housing costs (IPCH), increased by 7.8% in the 12 months to April 2022, up from 6.2% in March. This is the highest 12-month inflation rate recorded in the national statistics series, which began in January 2006. The last time the rate was higher in the constructed historical estimates was in April 1991, when it was at 8.0%.
GBP/USD reaction
The GBP/USD started the trading session on Wednesday touching fresh two-week highs at 1.2501. Following the inflation data, the pair has dropped nearly 30 pips, slipping to the 1.2468 zone. At time of writing, the Pound is trading against the Dollar around 1.2469, shedding 0.19% on the day, although it remains within the current week’s recovery range.
Source: Fx Street
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