UK CPI YOY came in hot at 10.4% when it was forecasted to come in at 9.9%.
UK core CPI YOY came in at 6.2% — while it was forecasted to come in at 5.8%.
This CPI result came after politicians in the UK called for “inflation has peaked.”
UK HICP inflation is growing at the fastest rate across the G7.
The Bank of England is meeting tomorrow to decide on the rate hike. Money markets have fully priced in 25bps.
As a result, GBPUSD has shot up 1.75% to 1.22.
BTC/GBP: (Source: Trading View)HICP Inflation: (Source: Bloomberg)
The post Bitcoin breaks £23,000 as UK inflation hits double-digits, markets price in 25bps for the BOE appeared first on CryptoSlate.