Sterling Eases After Inflation Falls More Than Forecast

Wednesday, 17 October 2018 16:41 WIB



The British pound weakened on Wednesday after inflation fell more than expected in September, easing a squeeze on consumers, who are also seeing the strongest wage growth for workers in a decade according to other data.

The better-than-expected wage figures on Tuesday had pushed the pound higher and briefly redirected attention to the British economy and away from Brexit negotiations and this week's European Union leaders' summit.

But weaker-than-expected consumer price data, which came in at an annual rate of 2.4 percent in September versus forecasts of 2.6 percent, pushed down a pound already weakened by a BBC report that Britain would not seek to extend the Brexit transition period.

The pound, trading down 0.3 percent at close to $1.3150 before the data was released, fell to as low as $1.3125 .

Against the euro, sterling dropped to 88.06 pence , down 0.3 percent on the day.

Source : Reuters


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