The pound is trading around the same levels against the euro this morning and is strong against the dollar.
A series of inflation rate data was released this morning. Annual inflation rate for April increased by 1.5%, beating forecasts of 1.4%. This was the highest rate since March 2020 due to the reopening of businesses and because the cap on energy bills has been lifted. The month-on-month reading increased by 0.6%, the highest in 2 years.
The retail price index for April also significantly increased month-on-month and annually. Clothing and footwear prices rose by 2.4%.
