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U.K. Inflation Rate Rises at Fastest Pace Since 2013, Sterling Soars to Three-week Highs

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    • U.K. Inflation Rate Rises at Fastest Pace Since 2013, Sterling Soars to Three-week Highs
Mar, 21st 11:50
Sterling

British Pound surged to three-week highs on Tuesday after data showed U.K. consumer prices rose at the fastest pace in nearly three and a half years in February.

The pair GBPUSD hit the highest level since February 21st to trade at $1.24600 after Britain’s Office for National Statistics reported that annual inflation in the U.K. accelerated to 2.3% last month from 1.8% in January.

This was the fastest pace of annual price growth since September 2013 and the first time consumer price inflation came in above the Bank of England’s 2% target since November 2013. The headline figure was boosted by the pound’s steep depreciation in the wake of last year’s vote to leave the European Union and uncertainties over the Brexit divorce process which is likely to be trigged later this month.

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