Pound slides as U.K. inflation slows

|By:, SA News Editor

July inflation slowed to 1.6% from June's 1.9% and against forecasts for 1.8%, according to the Office for National Statistics. Retail-price inflation - the gauge used as a basis for inflation-linked bonds - slowed to 2.5% in July from 2.6%.

The pound tumbled about 60 pips on the news and is now off 0.5% on the session at $1.6640.