$GBPUSD Forex Signal: Sterling Outlook Ahead of UK Inflation Data
is going through numerous challenges. The most important one is that the country’s consumer and producer inflation is soaring as the crisis in Ukraine continues. It is estimated that this inflation will push the average food bill by £380 this year.Economists polled by Reuters expect the data will show that inflation is still surging. The median estimate is that inflation rose from 9.0% in April to 9.1% in May. If analysts are accurate, it will be the highest increase in decades.
Meanwhile, UK producers are expected to see elevated costs. The PPI input and output are expected to have risen by 19.4% and 14.7%, respectively.
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