The Office for National Statistics in the United Kingdom released its monthly CPI report earlier today, and its findings demonstrate waning spending rates in the country, which is a point of concern for British investors. The short-term trend of declining inflationary pressures additionally exemplifies subdued investment rates in the economy, which can be attributed to heightened fears over Brexit, ahead of the 31st of October deadline.
Inflation in July was reported at 2 per cent, which was entirely in line with Bank of England's symmetrical target level. The market expected a drop of 0.2 per cent this month; however, the actual findings of the report manifested a more severe collapse to 1.7 per cent, which indicates the poor price setting in the country.
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Inflation is now at its weakest level since 2017, which is undoubtedly going to compel the BOE’s Monetary Policy Committee to weigh in on whether any intervention is necessary at the current rate.
Meanwhile, the GBPUSD fell with 0.19 per cent immediately after the inflation data was released, and the short-term sentiment has turned negative.
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