by Kenny Fisher
Market Pulse
The British pound has reversed directions on Tuesday and is considerably lower. In the North American session, GBP/USD is trading at 1.2436, down 0.48% on the day.
UK food inflation hits 9-month high
The Bank of England has waged a tough war with inflation and managed to push inflation below its 2% target last September, when CPI eased to 1.7%. Since then, inflation has pushed higher and is currently running at 2.5%. The British Retail Consortium price index indicated that food prices jumped 0.5% m/m in January and 1.6% higher than a year earlier.