Data issued by the Statistics Office in the United Kingdom showed that the CPI, which measures inflation, rose to 5.4% in the 12 months ending last December, compared to 5.1% in November, exceeding expectations that indicated a growth of about 5.2% in the highest reading of the annual index in The national statistical data series, which started in January 1997, while the monthly index increased by 0.5% in December, compared to 0.3% compared to December of the year 2020.
The highest increases in December came from the transportation, food, non-alcoholic beverages, furniture and household goods sectors.
This data and figures, which are much higher than the Bank of England target, opens the door to another upcoming rate hike from the Bank of England at its next meeting in February for the second time in a row after it was raised in the December meeting, and therefore it is not excluded that we will see increases in the coming period for the pound sterling.
The British pound is trading at 1.36 levels against the US dollar, slightly higher after three sessions of declines, affected by the US dollar’s rise.
05/11/2024
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