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Sterling is not happy about the inflation figures.
The pound took a turn for the worse after UK inflation was lower than expected in January, with consumer prices rising just 1.8 per cent on an annual basis compared with expectations of a 1.9 per cent gain.
Sterling dropped 0.5 per cent after the figures were released to trade below $1.25, hitting a low of $1.2463 as of publication time. The pound had previously been flat against the dollar on the day.
Chart from Bloomberg