Pound Takes Hit Despite Surging UK Inflation

The British pound weakened against other major currencies in the European session on Wednesday despite a rise in U.K. consumer price inflation to a five-month high.

Data from the Office for National Statistics showed that inflation advanced to 3.1 percent in August, up from 2.9 percent in July, largely due to higher motor fuel prices.

This rate came in line with expectations, and experts will be watching closely to see if this trend continues.