U.K. Inflation Slows Unexpectedly In June

The pace of U.K. inflation eased unexpectedly in June, a data release Tuesday from the Office of National Statistics showed. The Consumer Prices Index was 2.6%, compared with an expected reading of 2.8% and a level of 2.9% in May. The slowing in inflation was driven by a drop in prices for motor fuels and certain recreational and cultural items, the ONS said. Consumer inflation with owner-occupiers' housing costs factored in was also at 2.6% in June, the first drop in the CPIH rate since April 2016. The British pound fell to $1.3029 after the inflation release, after hitting an intraday high of $1.3107 earlier in the session.