Pound pares back revenues as British inflation slows
On Tuesday, the British pound dared to pare back its revenues against its US rival after data unveiling that the rate of inflation in Great Britain slowed in April for the first time since the last year’s September.
The currency pair GBP/USD last traded at 1.4458, down from approximately 1.4494 ahead of the report.
The Office for National Statistics posted that in April, the consumer price index surged by 0.3%, slowing from 0.5% in March.
Financial economists had hoped the rate of inflation would remain steady at 0.5%.
In April, consumer prices surged 0.1% from a month earlier, slowing abruptly from 0.4%, March and below predictions for a revenue of 0.3%.
Furthermore, dropping air fares as well as price dives for clothing, cars and rent charged for social housing appeared to be the major contributors to the slowdown in inflation, as the ONS states.
Additionally, in April, air fares edged down by 14.2%, having leapt in March in order to take advantage of holidaymakers travelling for Easter.