The pound tumbled to a five-month low on Wednesday after inflation fell to its lowest level for more than a year, knocking chances of an imminent rise in interest rates. The pound tumbled to a five-month low on Wednesday after inflation fell to its lowest level for more than a year, knocking chances of an imminent rise in interest rates. Pound tumbles as inflation comes in lower than forecastSterling shed 0.7% against the dollar to end the session at 1.334, the lowest it has been against the greenback since January. Falling inflation will ease pressure on the Bank of England to raise rates in the short term. The price of oil was also in negative territory, with Brent crude trading 0.25% lower at 79 US dollars per barrel.

Source: Irish Independent May 23, 2018 16:18 UTC