The pound weakened slightly against the euro and dollar this morning due to inflation rate figures, which were released this morning.
The year-on-year figure for July came in at 2%, missing expectations of 2.3% and lower than June’s reading of 2.5%. Inflation is now at the Bank of England’s target and fell due to a slowdown in the cost of clothing and footwear due to the summer sales, as well as a variety of recreational goods and services. This was the first easing since February.
Core inflation rate also fell to 1.8% from 2.3% in the previous month.
The next data releases for the UK will be on Friday, when consumer confidence figures will be released.
