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The figures will give strength to people like Andrew Sentance, who would argue that the UK is running the risk that inflation expectations will be de-anchored and will become a problem in the medium term.
Bank of England policy maker Andrew Sentence voted for a 25 basis point interest rate increase last month, and has been thought to have done so again this month.
An increase in interest rates would appeal to investors as it would increase the yield on sterling investment.
Against the euro sterling started the session around 1.1940 but gained ground shortly after, as CPI data was released and Moodys ratings agency downgraded Portugal by two notches from AA2 to A1. By midday GBP/EUR briefly jumped back above 1.20 to reach a day high of />
However these gains were short-lived, as Greece managed to sell six-month Treasury bills to the market in its first debt offer since securing emergency loans in May. This pulled GBP/EUR back down to around 1.1970. The positive news helped the euro to reach $1.2737 a two month high.
Other data showed that UK retail sales rose 1.2% in June from the previous month, their best showing since March.
Although the UK is showing positive data release in various sectors, some investors do worry that the economy may suffer if interest rates were to rise earlier than expected and Bank of England policymaker Adam Posen stated on Monday that the UK may slip back into recession due to looming fiscal issues and problems in the EuroZone.
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