UK inflation rose 7 per cent in March – POLITICO

Consumer price inflation in the UK reached 7 per cent in the 12 months to March 2022, the highest rate in 30 years Data published on Wednesday by the Office for National Statistics.

The same measure of inflation was 6.2 percent in February. Transportation costs, including gasoline prices, housing costs (heating and electricity), furniture, restaurants and hotel prices, mainly drove the rise, the ONS said.

“The price of goods leaving UK factories has continued to rise significantly, with metal and transport products hitting record highs and food hitting its highest price in over a decade. Commodity costs also rose, with a significant increase in the price of crude oil,” ONS Chief Economist Grant Fitzner said in a statement.

The data showed a similar picture when adjusted for the cost of owner-occupied housing, rising 6.2 percent in the 12 months to March 2022, up from 5.5 percent in February 2022.