'Sterling will suffer in short term': June inflation unchanged at 2.4%

The Office for National Statistics said the rate was unchanged on the previous month at 2.4%, its joint-lowest level in 14 months. Upward pressure on prices came from motor fuels, domestic gas and electricity but this was offset but falling prices for clothing and games, toys and hobbies. Following the announcement, sterling dipped 0.54% against the US dollar to $1.3045, its lowest level in ten months. UK inflation holds steady at 2.4% in May Investment commentators predict the static figure will mean less chance of a rate rise this summer, but also more pain for sterling. Ne...