POUND SLUMPS UNDER $1.30 MARK AS UK INFLATION SLIDES BELOW BOE TARGET FOR FIRST TIME IN OVER 3 YEARS

Published on Oct 16, 2024 13:16

The Great Britain pound slumped on Wednesday below $1.30 mark after data from UK showed slower than expected inflation. UK annual Consumer Price Index (CPI) increased by 1.7% in September from 2.2% in August and below the estimated growth of 1.9%, moving back under the Bank of England�s (BoE) 2.0% target for the first time in over three years, according to the data released by the Office for National Statistics (ONS) on Wednesday. Core CPI (excluding volatile food and energy items) advanced by 3.2% in September, compared to a 3.6% rise in August. Pound fell sharply following the data and is currently down over half a percent at $1.2992. Meanwhile, dollar index that measures the greenback against a basket of currencies is holding firmly above 103 mark, adding pressure on basket currencies.