The Consumer Price Index rose 2.9% on the year; nearing the upper end of the Bank of England’s target range. Producer prices rose 1.6% on the month; well ahead of the 1.3% forecast and driven no doubt by the weaker pound elevating import costs.
David Johnson, founding director at currency specialist, Halo Financial, commented on the news,"Sterling had already risen on the Government’s success in getting the Repeal Bill past its first vote, but it powered on again after the inflation numbers were revealed. It is unlikely this will cause an early interest rate rise from the Bank of England, because they see the weakness of the Pound as a short term influence and feel these numbers will correct as we near the end of the year."
For more information, infographics and the latest currency insights, visit www.halofinancial.com/news
About Halo Financial
Halo Financial is a leading UK foreign exchange brokerage, offering a comprehensive range of services to individuals and businesses since its inception in 2005. The business prides itself on offering a flexible and personalised approach for each of its clients, simplifying the seemingly complex foreign exchange market to maximise savings in currency transactions, protect against currency risk and make money go further.
Staffed by qualified technical analysts, the company is authorised by the Financial Conduct Authority and HM Revenue and Customs.
“Excellent”, “Reliable”, “Professional”, “Knowledgeable”, and “Helpful”– just some of the great feedback received as a Gold Trusted Service Provider for Feefo.com. The team at Halo are proud that customers rate their services so highly and are happy to recommend to others. The company is always striving to provide the best possible service and to innovate services and products in line with customers’ ever-evolving needs.
Halo Financial won Best Customer Focus category in the 2016 Best Business Awards; received OPP Gold for Best Supporting Service; the Gold Award for Financial Support and Innovation from Relocate Magazine, Commendations in the 2016 and 2017 Moneyfacts Awards and has 5 out 5 Star Customer Gold Merchant Status via independent review website, Feefo.com, winning their Gold Trusted Service award.
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