Forex News

UK inflation lingers at five-year high in October

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U.K. consumer prices remained at the highest level in five years in October amid jump I food prices, the Office of National Statistics data showed Tuesday.

The consumer price index for the year ended October, the highest level since April 2012, coming below forecasts of 3.1 percent.  

Still, the gap between inflation and average wages is wide as pay growth probably grew only 2.1 percent in the quarter ended September. 

Annual core CPI reading, stripping out food and energy, remained at 2.7 percent, compared to estimates of 2.8 percent.

PPI input rose 1.0 percent on the monthly basis from a revised of 0.2 percent, while annual RPI surged 4.0 percent.  

The GBPUSD pair hit a bottom of 1.3073 then recovered to 1.3090.

After a little while, BOE Governor Mark Carney will participate in a panel discussion at the Central Bank Communications Conference hosted by the European Central Bank in Frankfurt.

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