UK inflation hits 3.2% in August, above 2.9% expected, GBP/USD rises

The economic calendar pointed to an annual increase of 2.9% in headline CPI in August after 2% in July. Core CPI was also projected to result in a similar leap – from 1.9% to 2.9%. 

Bank of England Governor Andrew Bailey recently said that the Monetary Policy Committee was split 4:4 on if conditions have been met to raise interest rates. On Tuesday, the UK report

GBP/USD traded just above 1.38 ahead of the publication.