October 16, 2024
New Delhi, India
UK CPI Inflation Data
The United Kingdom’s annual Consumer Price Index (CPI) inflation slowed to 1.7% in September, down from 2.2% in August, according to the Office for National Statistics (ONS). This figure came in below market expectations of 1.9%, falling back under the Bank of England’s (BoE) 2.0% target.
Key Highlights:
- CPI Data: Annual CPI fell to 1.7% in September, missing the 1.9% forecast and marking a decline from August’s 2.2%.
- Core CPI: Core CPI (which excludes food and energy prices) rose by 3.2% YoY, down from 3.6% in August, also below the market consensus of 3.4%.
- Services Inflation: Services CPI inflation dropped to 5% YoY, compared to August’s 5.6%.
- Monthly CPI: On a month-on-month basis, CPI registered 0% in September, missing the forecast of 0.1% and down from 0.3% in August.
Also Read:
USD/INR Near Record High Amid Rising Inflation, FX Outflows, and Oil Price Drops
Market Reaction:
Following the data release, the GBP/USD pair fell toward the 1.3000 level as investors reacted to the softer inflation figures, which could reduce the likelihood of aggressive monetary tightening by the BoE.
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