UK CPI is Out
The UK Consumer Price Index (CPI) is out and it is the highest it has been since June 2013.
The CPI for May came in at 2.9%, up from 2.7% previously. This keeps the inflation above the 2% target set by the Bank of England (BOE).
The reasons for the increase according to the Office of National Statics (ONS) is the increased costs of imported goods like computer games and the increased cost in foreign holiday packages due to a low British pound.
Talking of the sterling, its reaction to this announcement is muted at best as at the time of writing it is attempting to break through what is looking like a key psychological level of 1.27 against the USD.