Pound Spikes After UK Inflation Hits Highest Level Since November 2014 After Brexit Vote

by Tara Cunningham, Business Reporter

UK inflation hits 0.6pc after Brexit vote

Inflation picked up in July in the wake of the Brexit vote, in what is the first hint that the sharp plunge in the pound following the referendum vote is driving prices higher.

Consumer prices increased by 0.6pc over the last 12 months, up from 0.5pc in June and hitting the highest level since November 2014, according to the Office for National Statistics. It also came in ahead of consensus forecasts of a 0.5pc rise. However, the ONS cautioned, the 0.6pc rise is “still relatively low in the historic context”.

Continue Reading at Telegraph.co.uk…