GBPUSD News by Newsroom on 05:02 Octuber 18, 2016 EST
The UK consumer price index jumped to 1% in September, marginally higher than analysts expected by one tenth of a percentage.
This is, however, the highest inflation rate since November 2014, and a jump from August's figure of 0.6%.
The latest rally in oil prices, along with services companies and manufacturers increasing input costs after the sterling's decline are to blame for last month's spike in inflation.
The British pound fell as low as $1.15 earlier this month, it's lowest point in 31 years.
Cable trades at 1.2250 after the news while EURGBP just below 0.90.