Money News Overview Wednesday 18th October 2023: UK inflation remains at 6.7%

The Office for National Statistics (ONS) issued data earlier this morning showing that the UK's inflation rate stayed at 6.7% in September.

The Office for National Statistics (ONS) issued data earlier this morning showing that the UK’s inflation rate stayed at 6.7% in September.

Several analysts had estimated that the headline Consumer Price Index (CPI) measure would decline slightly to 6.6% from August. However, the release had no influence on sterling in early trading.

US retail sales increased by 0.7%, exceeding the forecasted 0.3% increase. A crucial indicator of core retail sales for the control group increased by 0.6% M/M.

Despite the hardening of US market rate expectations, the dollar was not in the ascendancy in terms of currency. Instead, the euro was maintaining its stability. Looking ahead today remarks from a number of Fed speakers will be watched closely.

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