The pound spiked higher against its major counterparts in the early European session on Wednesday, after a report showed that the nation's annual consumer inflation accelerated at the fastest pace on record in August.

Data from the Office for National Statistics showed that the consumer price index rose 3.2 percent year-on-year following a 2.0 percent climb in July. Economists had forecast 2.9 percent inflation.

The 1.2 percentage points increase was the largest ever recorded in the 12-month rate series that began in January 1997, the ONS said.

Compared to the previous month, the CPI rose 0.7 percent in August, which was faster than the 0.5 percent increase economists had forecast.

The core inflation, which excludes prices of energy, food, alcoholic beverages and tobacco, accelerated sharply to 3.1 percent from 1.8 percent in July. Economists had forecast 2.9 percent inflation.

Separate data showed that UK output price inflation accelerated more than expected to the highest since 2011.

Output price inflation increased to 5.9 percent in August from 5.1 percent in July. The rate was expected to climb moderately to 5.4 percent.

On the month, the rate of output inflation was 0.7 percent in August, down from 0.8 percent in July. The expected rate was 0.4 percent.

Input price inflation surged to 11.0 percent from 10.4 percent a month ago. Prices were forecast to gain 10.3 percent. Crude oil had the highest annual growth rate of any component of input prices in August.

On a monthly basis, input prices climbed 0.4 percent, but down from the 1.3 percent increase posted in July. Economists had forecast a monthly growth of 0.2 percent.

The pound rose to 1.3834 against the greenback and 151.55 against the yen, up from a 6-day low of 1.3793 and a fresh 2-week low of 151.13, respectively seen in prior deals. The pound is seen finding resistance around 1.41 against the greenback and 153 against the yen.

The pound edged higher to 1.2719 against the franc and 0.8535 against the euro, following an early 5-day low of 1.2679 and a 6-day low of 0.8560, respectively. Next key resistance for the currency is seen around 1.29 against the franc and 0.84 against the euro.

Looking ahead, Eurozone industrial production for July is due in the European session.

Canada CPI, U.S. import and export prices and industrial production, all for August, and New York Fed's empire manufacturing survey for September are set for release in the New York session.

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