UK CPI y/y comes in at 2.6% against 2.5% consensus

The UK Consumer Price Index year over year for July was reported at 2.6% today, July 22, 2026, at 06:00 UTC. This print came in slightly above the consensus expectation of 2.5%, marking a -3.7% surprise versus consensus. The previous month’s reading was 2.8%.

Following the release, the British Pound saw a mixed but generally muted reaction across major pairs. GBPUSD initially gained 7.2 pips within five minutes, settling to a 3.0 pips gain after 15 minutes. This is small compared to its median 1-hour move of 14 pips after past CPI releases. GBPCAD rose 5.9 pips in five minutes, then 1.7 pips after 15 minutes, against a median 1-hour move of 20 pips. GBPJPY saw the largest initial gain, up 11 pips in five minutes, then 3.7 pips after 15 minutes, compared to its median 1-hour move of 17 pips. EURGBP moved -1.9 pips in five minutes and was flat after 15 minutes, significantly less than its median 1-hour move of 8 pips. Overall, the measured market reaction so far appears small relative to historical typical moves for these pairs.