UK inflation rose to 3.3% in March as fuel prices increased
The Facts
- UK consumer price inflation was 3.3% in the year to March, up from 3.0% in February.
- The March inflation reading matched economists’ expectations.
- The rise in inflation was driven largely by higher fuel or motor fuel prices.
- Motor fuel prices rose 8.7% month on month in March, the largest increase since June 2022.
- Air fares also contributed to the increase in March inflation.
- Rising food prices were another factor pushing inflation higher in March.
- The March figures were described as the first official evidence of the Middle East conflict’s impact on UK consumer prices.
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Context
Why did UK inflation rise in March?
The main driver was a sharp increase in petrol and diesel prices, with the ONS and multiple reports also citing air fares and food prices as additional upward pressures BBC,BBC,CNBC,Reuters.
How large was the increase in fuel prices?
Motor fuel prices rose 8.7% from February to March, which several reports said was the biggest monthly increase since June 2022 BBC,Yahoo! Finance,Yahoo! Finance,Reuters.
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