Sterling jumped on Wednesday after data showed UK price pressures picked up a lot more than expected in February, including inflation that excludes food and energy, raising the chances of another rate rise this week from the Bank of England.
A picture illustration shows U.S. 100-dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao
British consumer price inflation unexpectedly rose to 10.4% in February from January's 10.1%, figures from the Office for National Statistics showed on Wednesday.The pound was last up 0.3% against the dollar at $1.225, from a 0.1% gain prior to the data. The euro fell 0.3% against the pound to 87.86 pence, from 88.00 pence earlier.
Money markets show a 61.6% chance the Bank of England will raise rates by a quarter point when it meets on Thursday, up from around 57% on Tuesday. The annual inflation rate in the services sector, which most policymakers consider a good measure of underlying price pressures, rose to 6.6% from 6.0% in January.
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