Pound slumps after UK inflation data

EPA /

The British pound tumbled on Wednesday following the release of inflation data for the United Kingdom, which indicated headline inflation hit a one year low in March at 2.5%, significantly below the Bank of England’s estimates of 2.8% for the first quarter. Meanwhile, core inflation dropped from 2.5% to 2.3% month on month. The decrease in prices was led by women's clothing and footwear, followed by alcoholic drinks and tobacco.

Sterling traded 0.70% lower versus the dollar at 11:40 am CET, going for 1.41888, while it declined 0.70% against the euro as well at 11:41 am CET, buying 1.1473.

Baha Breaking News (BBN) / JC