U.K. Inflation Accelerates More Than Economists Forecast: Chartby
U.K. inflation accelerated in June and the pound’s slide since the nation’s decision to quit the European Union has economists forecasting it will pick up further. The rate rose to 0.5 percent from 0.3 percent in May, surpassing expectations for 0.4 percent, data from the Office for National Statistics showed on Tuesday. While the reading is still well below the Bank of England’s 2 percent target, it matches the highest level since late 2014. These numbers don’t capture sterling’s recent 11 percent drop against the dollar and the ONS said it can’t say how fast the depreciation will feed through to consumer prices.