India, July 16 -- The British pound strengthened against other major currencies in the early European session on Wednesday, after U.K. consumer price inflation accelerated unexpectedly in June to the highest since January 2024 largely due to higher transport and food costs but the Bank of England is expected to loosen its policy further, given mounting concerns over economic conditions.
Data from the Office for National Statistics showed that the consumer price index advanced 3.6 percent year-on-year in June, faster than the 3.4 percent rise in May. Prices were expected to climb again by 3.4 percent in June.
The 3.6 percent inflation was the highest since January 2024. Moreover, it remains well above the Bank of England's 2 percent target...