The United Kingdom (UK) Consumer Price Index (CPI) edged higher by 2.6% on a yearly basis in November after recording a 2.3% growth in October, according to the data released by the Office for National Statistics (ONS) on Wednesday.
Data aligned with the market forecast of 2.6% and stayed well above the Bank of England's (BoE) 2.0% target.
Core CPI (excluding volatile food and energy items) rose by 3.5% YoY in November, compared to a 3.3% increase in October while missing the market consensus of 3.6%.
The UK November Services CPI inflation stayed unchanged at 5.0% YoY in November.The UK November Services CPI inflation stayed unchanged at 5.0% YoY in November.
Meanwhile, the UK Consumer Price Index came in at 0.1% MoM in November, following a 0.6% acceleration in October. Markets expected a 0.1% print in the reported month.
GBP/USD reaction to the UK CPI inflation data
The UK CPI data failed to impress the Pound Sterling, keeping GBP/USD ranging at around 1.2700. The pair is trading 0.06% lower on the day, as of writing.
Source : Fxstreet
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