India, Aug. 20 -- The British pound strengthened against other major currencies in the European session on Wednesday, as the UK consumer price inflation accelerated to an 18-month high in July on airfares and food prices, suggesting that the Bank of England is likely to delay further easing.
Data from the Office for National Statistics showed that the U.K. consumer price index posted an annual growth of 3.8 percent after rising 3.6 percent in June. Inflation continued to remain stubbornly above the 2 percent target and hit the highest since January 2024, when the rate was 4 percent. Prices were forecast to climb 3.7 percent in July.
Core inflation that excludes prices of energy, food, alcohol and tobacco, rose to 3.8 percent from 3.7 perc...