UK inflation rose by 7 p.c in March

Shopper value inflation within the U.K. reached 7 p.c within the 12 months to March 2022, the best charge in 30 years, in keeping with knowledge launched Wednesday by the Workplace for Nationwide Statistics. 

The identical measure of inflation stood at 6.2 p.c in February. Transport prices, together with petrol costs, housing prices (heating and electrical energy), furnishings, eating places and resort costs primarily drove the surge, the ONS mentioned.

“The value of products leaving UK factories has continued to rise considerably with steel and transport merchandise each at document highs and meals reaching its highest charge for over a decade. Uncooked materials prices additionally rose, with a notable enhance within the value of crude oil,” mentioned ONS Chief Economist Grant Fitzner in an announcement.

The info confirmed the same image when adjusted to incorporate owner-occupied housing prices, rising by 6.2 p.c within the 12 months to March 2022, up from 5.5 p.c in February 2022.