The results of the latest manufacturing trends survey conducted by the Confederation of British Industry (CBI) pointed to an unexpected softening in price pressures.

The Domestic Price Expectation sub-index of the survey declined to its lowest level since September at +58 in June from +75 in May.

Commenting on the survey, "We may be seeing the first signs that weaker activity is beginning to slow the pace of price increases in the sector," CBI deputy chief economist Anna Leach said, as reported by Reuters.

Market reaction

This report doesn't seem to be having a significant impact on the British pound's market valuation. As of writing, GBP/USD was up 0.35% on the day at 1.2293.