| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | CPI, m/m | December | -0.2% | 0.5% | 0.5% |
| 07:00 | Germany | CPI, y/y | December | 5.2% | 5.3% | 5.3% |
| 07:00 | United Kingdom | Retail Price Index, m/m | December | 0.7% | 0.7% | 1.1% |
| 07:00 | United Kingdom | Producer Price Index - Input (YoY) | December | 15.2% | 13.7% | 13.5% |
| 07:00 | United Kingdom | Producer Price Index - Input (MoM) | December | 1.5% | 0.7% | -0.2% |
| 07:00 | United Kingdom | Producer Price Index - Output (YoY) | December | 9.4% | 9.4% | 9.3% |
| 07:00 | United Kingdom | Producer Price Index - Output (MoM) | December | 1% | 0.6% | 0.3% |
| 07:00 | United Kingdom | Retail prices, Y/Y | December | 7.1% | 7.1% | 7.5% |
| 07:00 | United Kingdom | HICP ex EFAT, Y/Y | December | 4.0% | | 4.2% |
| 07:00 | United Kingdom | HICP, m/m | December | 0.7% | 0.3% | 0.5% |
| 07:00 | United Kingdom | HICP, Y/Y | December | 5.1% | 5.2% | 5.4% |
| 09:00 | Eurozone | Current account, unadjusted, bln | November | 21.8 | | 26.0 |
| 09:00 | France | IEA Oil Market Report | | | | |
| 10:00 | Eurozone | Construction Output, y/y | November | 3.6% | | 0.5% |
GBP rose against most of its major counterparts in the European session on Wednesday, as investors digested the UK’s CPI data for December, which showed that inflation rose to its highest level in 30 years.
According to the Office for National Statistics' (ONS) report, consumer prices in Britain rose 0.5% m/m in December after jumping 0.7% m/m in November. Economists had forecast a 0.3% m/m gain. On an annual basis, consumer prices surged 5.4%, accelerating from 5.1% in the previous month. This was the highest reading since March 1992 and exceeded economists’ forecast of 5.2%.
Market participants believe that hot December CPI data could force the Bank of England’s (BoE) policymaker to announce another interest rate increase, when they gather on February 3.
The further gains in the pound, however, were limited by reports that the UK's Prime Minister (PM) Boris Johnson is facing a leadership challenge.