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U.K. Inflation Rises More than Forecast to Reach 2.9% in August

Economic IndicatorsSep 12, 2017 04:34AM ET
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© Reuters. U.K. inflation rises more than forecast to reach 2.9% in August

Investing.com - Consumer price inflation in the U.K. rose more than forecast in August, adding to speculation that the Bank of England could strike a more hawkish tone on interest rates at its upcoming policy meeting later this week.

British consumer prices rose by 2.9% compared with a year earlier, the Office for National Statistics said, up from 2.6% in July. Economists had expected inflation to rise at a 2.8% rate last month.

Month-over-month, consumer price inflation accelerated 0.6%, compared to estimates for a gain of 0.5% and following a decline of 0.1% in July.

Core CPI, which excludes food, energy, alcohol, and tobacco costs rose at a seasonally adjusted rate of 2.7% last month, the most since 2011. That was up from 2.4% in July and above forecasts for a reading of 2.5%.

The retail price index increased 3.9% in August, increasing from 3.6% a month earlier.

The data also showed that the house price index rose 5.1%, accelerating from an increase of 4.9% in July

The data underlined arguments for an immediate interest rate hike that a minority of policymakers supported at the last BOE decision.

GBP/USD shot up to 1.3250 from around 1.3205 ahead of the release of the data, while EUR/GBP was at 0.9021 from 0.9056 earlier.

U.K. Inflation Rises More than Forecast to Reach 2.9% in August
 

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