January 25, 2018 / 11:00 AM / in 9 months

Hammond says inflation peaking, sterling appreciating

DAVOS, Switzerland (Reuters) - British Chancellor of the Exchequer Philip Hammond said inflation was peaking and sterling appreciating as the economy recovered from the initial shock of the Brexit vote in 2016.

“It looks as though inflation has peaked now ... I would expect inflation to begin to decline,” he told the World Economic Forum in Davos, Switzerland on Thursday.

Hammond sat beside U.S. Treasury Secretary Steven Mnuchin, who sent the U.S. dollar tumbling on Wednesday with his remark that a weaker greenback helped U.S. trade. Hammond talked of a rebound in sterling and turned to Mnuchin: “And we seem to be recovering quite a bit more, Steve, thanks very much.”

Reporting by Alessandra Galloni and Soyoung Kim in DAVOS; Exditing by Mark Bendeich

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