The pound has weakened slightly against the euro and the dollar following UK inflation figures.
This morning, data was released showing that UK inflation rose to a 40-year high of 9% year-on-year in April. The figure was slightly below market expectations of 9.1%.
The uplift has been driven by rising energy prices following Ofgem lifting the price cap on bills by 54%. As well as this, food prices have jumped with the war in Ukraine increasing the prices of certain products, such as meat and cereal.
This news has prompted Citizens Advice and others to call on the government to provide more support to households during this cost-of-living crisis.
Meanwhile, the euro is stronger ahead of European inflation data, which is due to be released later this morning.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
