Sterling retreats as UK inflation hits new 40-year high [Financial Post (Toronto, Ontario, Canada)]
HARGREAVES LANSDOWN ADR (HRGLY)
NASDAQ:AMEX Investor Relations:
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Source: Financial Post
Soaring food prices pushed consumer inflation to 9.1%, the highest rate out of the Group of Seven countries and underlining the severity of the cost-of-living crunch. The figure was in line with market expectations and following its release money markets continued to fully price in a 25 basis point (bps) BoE rate hike in August. The odds of a 50 bps move stayed above 60% but fell from around 74%. “The latest temperature check of the UK economy shows the mercury rising again, with no end yet in sight to the feverish pace of price rises,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. “The Bank of England has already forecast that inflation will hit 11% by the autumn, and it’s steadily creeping towards that ugly marker sooner rather than later,” she added. In morning trading in London, sterling fell against a broadly stronger U.S. dollar and was down 0.7% at $1.2910 following two days of gains. Versus the euro, the pound fell 0.4% to 86.18 penc
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