British inflation unexpectedly slowed in August, data showed Wednesday, hitting an 18-month low and sparking hope this week’s widely-forecast interest rate hike by the Bank of England could be its last for now.
The Consumer Prices Index dropped slightly to 6.7 percent from 6.8 percent in July, the Office for National Statistics (ONS) said in a statement on the eve of the BoE’s latest rate call.
That was the lowest level since February 2022 and confounded market expectations for an acceleration to 7.1 percent on higher energy prices.
Wednesday’s news sent the pound sliding 0.3 percent to $1.2354 in early morning London deals.—AFP
