Sterling sees currency exchange rate dip

Sterling's currency exchange rate was affected by the latest figures for inflation released yesterday (June 15th).

According to the information from the Office for National Statistics, the Consumer Price Index fell from 3.7 per cent in April to 3.4 per cent in May.

Despite the drop, the figure is still well above the Bank of England's target rate of two per cent.

Sterling remained low following the release of the data. At 08:00 BST this morning, the pound was trading at $1.47 against the US dollar.

Philip Shaw, chief economist at Investec, told Reuters: "It doesn't change the big picture, which is that inflation remains well above target and also that it has been disappointingly high over the past year or so, and will contribute towards a very interesting debate on monetary policy over the coming months."

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Posted by Sarah Pitton