Economic news

Pound gets temporary boost as UK inflation jumps to six-year peak

The pound got only a temporary support on Tuesday from fresh figures showing UK inflation unexpectedly leaped to a six-year peak in November, with traders betting it would have moderate effect on how soon the Bank of England would increase interest rates again.

Sterling rose to the day’s peak $1.3380, before sliding 0.2 percent to $1.3314. Versus the euro, the pound touched the day’s peak of 88.07 pence.

UK inflation unexpectedly rose to its highest level in nearly six years at an annual pace of 3.1 percent in November, more than a percentage point above the Bank of England’s 2-percent target.

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