Business
UK inflation forces fall of Pounds sterling in exchange market
- Euro remains stable
By Odunewu Segun
The British Pound Sterling suffered a fall in the foreign exchange market following the rise in prices of consumer products in the United Kingdom (UK). Prices of commodities jumped to 2.7 per cent in April, signifying the highest inflation level since September 2013.
The US dollar is under pressure on the daily charts as bulls are struggling to keep above 1.2900.
The crisis is not unconnected with Brexit, and it has elevated inflation to uneasy levels with consumers likely to suffer hardship if workers’ wage fails to rise.
Despite the rising prices, expectation of short term interest rate increase remains unrealistic with uncertainty over Brexit and BoE playing a key part.
The Bank of England may encounter financial difficulties in the future in the effort to control rising inflation and comnte4nding slowing economic growth.
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