The UK headline consumer price inflation (CPI) surpassed expectations and rose at an annual rate of 2.90% for August, the Office for National Statistics (ONS) reported on Tuesday. On monthly basis, the inflation jumped 0.6% as compared to a slight deceleration of 0.1% in July.
Meanwhile, the retail price index also bettered expectations and came in at 3.9% for the reported month, higher than previous month's reading of 3.6% and 3.7% estimated.
The higher than expected CPI figure suggest a UK interest rate rise was imminent, sooner rather than later, which helped send the British Pound higher across the board.
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