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Market News GBP/JPY tumbles below 165.50 as stronger UK food inflation dampens GDP expectations

GBP/JPY tumbles below 165.50 as stronger UK food inflation dampens GDP expectations

The GBP/JPY exchange rate has fallen below 165.50 as UK food inflation has risen. A big surge in UK inflation has guaranteed a dismal winter season ahead. The speech by BOJ Kuroda will provide fresh cues on the interest rate and inflation guidance.

Alina Haynes

2022-12-01

293

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The GBP/JPY pair has plunged quickly below 165.50 solidly after failing to overstep the important hurdle of 166.50 in early Tokyo. The Pound Sterling is facing great heat and has tested Wednesday’s low at 165.50 as a major jump in the United Kingdom's food inflation rate has depressed the sentiment of households.

The UK food inflation has climbed to a 45-month high at 12.4% in November, higher than the earlier release of 11.6% in October. A fresh impetuous move in the food category has dampened predictions for the Christmas season ahead. Higher food prices are projected to leave households with reduced wages for disposable, which could hurt their Christmas spending.

As per the Financial Times, this is the greatest inflation rate in the food category since records began in 2005, and greater than overall shop price annual inflation, which was a record 7.4% in November, up from 6.6% in October.

While responding to the spiraling cost of food products, British Retail Consortium (BRC) chief executive Helen Dickinson said: “Winter looks increasingly dismal as pressures on prices continue unabated.”

Meanwhile, UK’s new freeport system is damaging the European Union as the latter feels that the Freeport policy might attract fresh investments. The Freeport regime could bring the UK benefits of tax savings and easier customs controls ahead.

On the Tokyo front, investors are expecting the speech from the Bank of Japan (BOJ) Governor Haruhiko Kuroda, which is coming on Friday. The speech from Haruhiko Kuroda will provide fresh clues for monetary policy activity ahead. In addition, inflation advice will be vital, as Tokyo's inflation skyrocketed in October.