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Home > Investing > Sterling jumps after data shows faster rise in UK inflation

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Sterling jumps after data shows faster rise in UK inflation

Published by Uma Rajagopal

Posted on November 20, 2024

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LONDON (Reuters) – Sterling jumped on Wednesday after data showed UK consumer inflation accelerated more quickly than forecast in October, helping support the view that the Bank of England will lower interest rates gradually in the coming months.

The pound was last up 0.23% on the day at $1.2711, having traded around $1.2688 prior to the data.

Against the euro the pound was up 0.26% at 88.385 pence to the common currency.

British inflation rose to an annual rate of 2.3% in October from 1.7% in September, official figures showed on Wednesday, compared with 2.2% forecast by a Reuters poll of economists.

(Reporting by Amanda Cooper; Editing by Alun John)

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