Markets rattled and pound slides after US inflation higher than hoped in August– business live

Breaking: US inflation was higher than expected last month, dashing hopes that price pressures might have cooled more quickly.

The US consumer prices index rose by 8.3% in the year to August, down on July’s 8.5% – but missing forecasts of a drop to 8.1%.

On a monthly basis, prices increased by 0.1%, ahead of forecasts of a slight fall of 0.1%.