0635 GMT - Sterling stays higher against the dollar and holds steady versus the euro, little moved after data showed U.K. inflation accelerated in line with expectations. Annual inflation rose to 2.9% in July from 2.6% in June, as forecast by economists in a WSJ survey. Core inflation remained at 2.6%, albeit above the 2.5% expected. The slack in the labor market should avoid second-round inflation effects, allowing the Bank of England to look through the near-term rise in inflation and push back against market pricing for interest-rate rises, Schroders economist David Rees says in a note. Sterling rises 0.15% to $1.3549 and the euro trades flat at 0.8556 pounds, both little changed from levels before the data.
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