The U.K.'s battered currency had a volatile morning Tuesday, after inflation data for September showed a 1.0 percent increase year-on-year, ahead of consensus forecasts for an upward move of 0.9 percent.
This was the biggest monthly increase since June 2014 and the highest level recorded since November 2014. According to the data, clothing, hotel stays, fuel for vehicles and gas prices were key drivers of the jump in inflation.
The pound jumped to a six-day high, before retreating, and then edged above Monday's close against the U.S. dollar once again.
While sterling's precipitous fall – down by over 17 percent since the EU referendum – may have played a small role in boosting these inflation numbers, much of the impact from a weaker British pound has not yet fed through to the latest figures.
Mike Prestwood, head of inflation for the Office of National Statistics told Reuters, "There is no explicit evidence the lower pound is pushing up the prices of everyday consumer goods."