UK Inflation Soars to Historic High in March

Source: Office for National Statistics

Inflation in the United Kingdom climbed to its highest level in three decades in March, driven mainly by higher prices of motor fuels. EWU is up 0.48%, while EZU is up 0.05% premarket.

• The consumer prices index clocked in at 7.0% in March, up from 6.2% in February and 0.7% in March 2021. This is the highest since March 1992’s 7.1%.
• The consumer prices index, including owner occupiers’ housing costs, increased by 6.2%, up from 5.5% in February. This is the highest since February 1992’s 6.3%.
• The monthly rate was recorded at 1.1%, faster than the 0.3% recorded in the same month last year.
• The largest upward drivers were transport, principally motor fuels and transport, while downward contributions came from food.
• Producer price inflation came in at 11.9% in March, up from 10.2% in February. This is the highest since September 2008.
• Major contributors to the acceleration include metal products which drove output prices higher, and crude oil, which drove input inflation up.