UK Inflation Surges Against Expectations, Fuels Rate-hold Speculation!

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As per the latest reports, the latest inflation reading in England has pushed back above the Bank of England’s 2% target. With this, a final rate cut this year now seems less likely. Notably, with the release of the inflation data, the British Pound saw a minor increase, from 0.1% to $1.2692 during the morning hours (GMT). Further, it also gained 0.4% against the euro, trading at €1.20. Furthermore, this inflation reading was at its highest since April, which was increased by household energy bills as per ONS (Office of National Statistics). Moreover, the Core CPI (excluding volatile food and energy items) recorded higher by 3.3% Y.o.Y in October, increased from 3.2% growth in September, against the market forecast of 3.1%.