Sterling spikes as inflation hits six-month high of 2.7%

Eight-week high against US dollar

Tom Eckett
clock • 2 min read

UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.

According to the Office for National Statistics (ONS), the Consumer Price Index (CPI) rose to its highest level since February, driven by increasing prices for transport services, clothing and recreational and cultural goods. However, these rises were partially offset by a fall in prices for furniture and household goods and telecommunications. Mike Hardie, head of inflation at the ONS, said: "Consumers paid more for theatre shows, sea fares and new season autumn clothing last month. "However, mobile phone charges, and furniture and household goods had a downward effect on inflatio...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

2025 investment trends: The updated reality in wealth management

2025 investment trends: The updated reality in wealth management

'The future of wealth management will lie in personalisation'

Julia Khandoshko
clock 16 January 2025 • 4 min read
UK inflation lowers to 2.5% in December

UK inflation lowers to 2.5% in December

Down from 2.6% in November

Sorin Dojan
clock 15 January 2025 • 2 min read
'It's a challenging time': Advisers react to record gilt yield rises

'It's a challenging time': Advisers react to record gilt yield rises

Clients worried about a weakening UK economy

Isabel Baxter
clock 13 January 2025 • 5 min read