British inflation at 4-year peak

Chart of the pound vs the dollar

This will have a significant negative effect on growth and comes off the back of other weak economic data in recent days and weeks, including evidence of falling consumer confidence and business confidence, and of falling retail sales.

The inflation rate in Britain has risen to its highest level in four years, hitting 2.9 percent in May from 2.7 percent in April.

The pound advanced and gilts fell as inflation in the United Kingdom accelerated to the fastest in four years.

We had confirmation on Wednesday that for the first three months of the year wages have been falling in real terms.

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Sterling steadied around $1.27 on Tuesday after United Kingdom inflation numbers came in above forecast, further complicating an outlook that shows the economy slowing but prices rising much faster than the Bank of England's 2 percent target.

Sterling hit a day's low against the dollar after the data, while British government bond prices rallied. But the pound's depreciation since last June's Brexit vote has pushed inflation above the Bank's 2 percent target and squeezed the spending power of consumers, who until recently were seen propping up the economy.

Sterling has suffered further weakness at the start of this week as investors react to the government's attempts to outline its Brexit stance after a disastrous election for Prime Minister Theresa May.

In nominal terms, wages grew at the slowest pace since February 2016, rising an annual 2.1 percent in the three months to April and slowing from 2.3 percent in the first quarter.

United States retail sales slide 0.3 per cent, biggest drop in 16 months
The monthly core CPI was restrained by decreases in the prices of apparel, airline fares, communication and medical care services. American consumers forked out a total of US$473.8 billion (RM2 trillion) for the month, 3.8 per cent above May of past year .

The ONS revised its data for wages to improve methodology for earnings from small businesses, resulting in lower estimates for wage levels but little change overall to growth rates.

The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices.

Policymakers are expected to unanimously decide to hold the interest rate at a record low 0.25% and the quantitative easing at GBP 435 billion.

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