The Pound Sterling rises sharply after the UK inflation data for October came in hotter than expected.
Hot UK inflation data could diminish the odds of the BoE delivering another interest-rate cut in December.
Several Bank of England policymakers have warned about price pressures remaining persistent.
The Pound Sterling (GBP) gains sharply against its all major peers on Wednesday as data from the United Kingdom (UK) Office for National Statistics (ONS) showed inflation accelerated more than expected in October. The Consumer Price Index (CPI) report showed that the annual headline inflation quickened to 2.3% YoY, higher than estimates of 2.2% and the September reading of 1.7%.
Compared with the previous month, headline inflation rose sharply by 0.6%, higher than expectations of 0.5% and after remaining flat in September.
The core CPI – which excludes volatile items such as food, energy, oil, and tobacco – grew by 3.3%, higher than the former reading of 3.2%. Economists had expected core inflation to fall to 3.1%.
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