(ONS) The UK Consumer Prices Index increased by 7.0% in the 12 months to March 2022, accelerating from a gain of 6.2% in February.
The annual surge in inflation reflected a 1.1% monthly gain in March, compared to just 0.3% increase in the prior year.
Including owner occupiers’ housing costs, the consumer prices ticked higher by an annual 6.2% in March, compared to an increase of 5.5% in February. CPIH edged higher by 0.9% on a monthly basis, compared to 0.2% the prior year.
The rising prices were reflected in output charges which saw an annual growth of 11.9% in March, compared to 10.2% in February, the highest rate since September 2008.
At 7.0%, the consumer prices were at the highest in 30 years, adding pressure to the Bank of England to act to tame costs.
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