According to the Office for National Statistics, the Consumer Price Index on a year-over-year basis in the UK fell with 0.1 percentage point in March. Thereby, the overall inflation is currently at 1.7 per cent, down from the 1.8 per cent that was recorded in February.
The data, however, did not reflect on the longer-term impact of the coronavirus outbreak in the country, which is likely to continue weighing down on growth for the foreseeable future.
UK Inflation Rate. Image source: TradingEconomics.com
Boris Johnson's government has since strengthened the measures against the spread of the virus and has decided to impose a national lockdown in a bid to limit individuals’ interactions with each other as much as possible.
Similar to other central banks, the Bank of England, too, has pledged support for the struggling local business in the form of cheap credit. It has bolstered its asset-purchasing program to levels that were last seen in the wake of the last recession.
Meanwhile, the pound has been able to pick itself up from the historic low that was reached last week. The GBPUSD pair has been able to break out above the upper boundary of the Accumulation range and is currently in the process of developing the first Markup in more than two weeks.
GBPUSD 2H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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