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The pound slid to the day’s lows on Wednesday after data showing that UK inflation remained steady at a one-year low on May, despite pressure from higher oil prices.
GBP/USD hit lows of 1.1312 after the release of the data and was trading at 1.3319 by 05:19 AM ET (09:19 AM GMT).
The Office for National Statistics reported that the annual rate of inflation rose by 2.4% in May, unchanged from the previous month, which was a one year low and in line with expectations.
Rising motor fuel prices produced the largest upward contribution to inflation, the ONS said, reflecting increases in crude oil prices.
Underlying inflation rose by 2.1% on a year-over-year basis, matching the previous month and also in line with forecasts.
Inflation remains below wage growth, even after data on Tuesday showing that wage growth slowed slightly in the three months to April.
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