The pound-euro (GBP/EUR) exchange rate is falling on Tuesday after gains yesterday.
The pound is falling amid a broader risk-off mood and rising oil prices, increasing stagflation concerns.
UK grocery inflation eased to 3.8%, suggesting limited pass-through from the Iran conflict so far, although food prices are expected to rise sharply later this year.
Retail data shows consumers remain under pressure, seeking discounts.
The Bank of England is expected to hold rates steady this week.
The euro is edging higher ahead of the European Central Bank decision, with markets pricing in potential rate hikes despite weakening growth.
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