The pound is slightly stronger against the euro this morning following the release of UK inflation figures.
Annual inflation came in higher-than-expected in March, increasing to 7% vs 6.2% in February. This was above predictions of 6.7% and was driven by the cost of transport, as well as furniture and household services.
Consumer price inflation rose by 1.1% month-on-month, the highest monthly inflation rate in 5 months.
Sterling has been supported by this data due to the fact that it increases expectations for further interest rate hikes from the Bank of England.
