Sterling jumps to year-high against dollar as inflation nears 3%

Up from 2.6%

Natalie Kenway
UK inflation nears 3%

UK inflation nears 3%

Sterling has soared in late morning trading following the news UK inflation beat forecasts to rise to 2.9% in August, from 2.6% in July, with record uplifts in clothing costs contributing to the increase.

Earlier this morning, the Office for National Statistics revealed the UK's Consumer Price Index rose to 2.9%, well above the Bank of England's target of 2%, reaching levels last seen in April 2012...

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