Sterling up on “sticky” inflation figures

Wednesday on the currency exchange market, and things are looking interesting as ever.  The sterling rose this morning against the US dollar, to around $1.65, on news that inflation in Britain remained at 1.8 per cent for July.  It had been expected that it would fall to around 1.6 per cent. 

The Monetary Policy Committee will release minutes from its latest meeting later today, and so far the Bank has indicated that it believes inflation will remain below target until at least mid 2011.  It expects inflation to fall to below 1 per cent by September. 

Does that mean that today’s numbers are merely temporary?

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