Sterling up as UK inflation soars

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Sterling up as UK inflation soars

UK inflation jumped to 2.1%, moving above the Bank of England’s target.

Sterling climbed against the euro in response, hitting its highest level for 10 weeks. 

The CPI data showed fuel prices were nearly 18% higher year on year, with clothing and footwear costs also rising by 2.1% as consumers bought new post-lockdown outfits. 

The Bank is still expected to leave rates unchanged in its meeting next week despite investors seeing this news as potential to call for rate rises, as it’s still early days. 

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