This morning’s publication of British inflationary data has helped generate minor elements of market optimism towards the island nation’s economy. Though the growth figures were only modestly above targets, the accelerating growth is a sign of future hikes in demand for the nation’s currency, the pound (GBP).
The consumer and retail price indices (CPI and RPI, respectively) were released Tuesday at 9:30 GMT by the Office of National Statistics in the UK. Though the RPI figure showed an expected 5% growth in retail price inflation, the CPI figure highlighted better-than-forecast growth of 4.4%. Both figures are presented in annualized format and seem to represent solid year-on-year growth for the British economy.
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