Consumer price inflation in the U.K. accelerated less than expected in July, falling to a two-month low, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the rate of consumer price inflation slowed to a seasonally adjusted 1.6% last month from 1.9% in June and compared to expectations for a reading of 1.8%.
Month-over-month, consumer price inflation declined 0.3% in July, compared to estimates for a 0.2% decline.
Core CPI, which excludes food, energy, alcohol, and tobacco costs rose at a seasonally adjusted rate of 1.8% last month, down from 2% in June. Analysts had expected core prices to rise 1.9% in July.
The retail price index increased 2.5% in July, below expectations for a 2.6% gain and down from 2.6% in June.
The data also showed that the house prices index climbed 10.2% in June, compared to forecasts for a reading of 11.5% and following a 10.5% increase in May.
Following the release of that data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.51% to trade at 1.6644, compared to 1.6692 ahead of the data.
Meanwhile, European stock markets remained higher. London’s FTSE 100 inched up 0.45%, the DJ Euro Stoxx 50 tacked on 0.35%, France’s CAC 40 rose 0.35%, while Germany's DAX advanced 0.9%.