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The high inflation in the UK

The high inflation in the UK | 21 July 2022

21 July 2022, GBP/USD

GBPUSD trading plan:

Surging petrol and food prices last month pushed British inflation to its highest rate in 40 years, according to official figures that bolstered the chances of a rare half percentage-point Bank of England interest rate hike next month. The Office for National Statistics said annual consumer price inflation rose in June to 9.4%, the highest since February 1982, up from May's 9.1%. Wednesday's data bolstered bets that the BoE will opt for a 50-bps rate hike next month, which would be the biggest since 1995. The ONS pointed to a 42% year-on-year rise in petrol prices and an almost 10% increase in food prices as the main drivers of inflation last month, a hammer blow for families on low incomes.

Investment idea: sell 1.2015 and take profit 1.1959.

David Johnson
Analyst of «FreshForex» company
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