Investing.com - Consumer price inflation in the U.K. accelerated more than expected last month, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the rate of consumer price inflation rose at a seasonally adjusted 1.8% in April, above expectations for an increase to 1.7% and up from 1.6% in March.
Month-over-month, consumer price inflation increased by 0.4% in April, compared to estimates for a 0.3% rise.
Core CPI, which excludes food, energy, alcohol, and tobacco costs rose by a seasonally adjusted 2% last month, up from 1.6% in March. Analysts had expected core prices to increase to 1.8% in April.
The retail price index increased 2.5% in April, unchanged from the preceding month and below expectations for 2.6%.
The data also showed that the house prices index climbed 8% in March, missing forecasts for a 10.7% gain and slowing from a 9.1% increase in February.
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD rising 0.21% to trade at 1.6849.
Meanwhile, European stock markets remained lower. London’s FTSE 100 dipped 0.45%, the Euro Stoxx 50 shed 0.25%, France’s CAC 40 declined 0.35%, while Germany's DAX slumped 0.2%.