India, June 18 -- The British pound recovered slightly from an early low against other major currencies in the European session on Wednesday, following the release of U.K. consumer price inflation data in May.
Data from the Office for National Statistics showed that the U.K. consumer price index registered an annual increase of 3.4 percent, slightly slower than the 3.5 percent rise seen in April. However, inflation was slightly above forecast of 3.3 percent.
On a monthly basis, the consumer price index gained only 0.2 percent, much slower than the 1.2 percent rise seen in April.
Core inflation that strips out prices of energy, food, alcohol and tobacco eased to 3.5 percent, in line with expectations, from 3.8 percent in the previous mont...