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UK inflation remained in double digits in March with annual value rises of 10.1 per cent price, elevating the possibilities of additional rate of interest rises from the Financial institution of England.
Shopper value inflation had been 10.4 per cent in February and was anticipated to drop to 9.8 per cent final month.
Though petrol and diesel costs fell within the month, additional sharp rises within the prices of meals, recreation and tradition left the index in double digits.
The Financial institution of England had been watching these figures very intently as they have been the final important knowledge launch earlier than their subsequent assembly in early Might.
Officers had hoped that there could be the primary indicators of a big drop in inflationary strain, however core inflation, excluding meals and power costs remained unchanged at 6.2 per cent, which stays too excessive to present them consolation.
Grant Fitzner, chief economist of the ONS, mentioned that inflation remained at a “excessive degree”. Falling motor gas costs “have been partially offset by the price of meals, which remains to be climbing steeply, with bread and cereal value inflation at a report excessive,” he mentioned.
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