Britain now has Western Europe highest consumer price economic inflation rate After falling less than expected in March to 10.1% from 10.4% in February, official suggested data on Wednesday.
Economists polled by Reuters had expected the annual consumer price index rate He was drop to 9.8% in He walks, moving away from october 41-year high of 11.1% but they still eat in spending power of waged workers rising for less.
Fall though in March inflation in Britain rate He was highest in Western Europe and the only country in the region to post a double-number for last A month after the registration of Austria a higher economic inflation rate in February.
The data is likely to boost the bank’s bets of England will again raise interest rates next a month after core inflation – ie strips out Volatility of energy and food prices – failed to fall as expected in March f instead It held at 6.2%.
These numbers underscore exactly why we must continue our efforts drive down So we can relieve pressure on “Families and businesses,” said Finance Minister Jeremy Hunt.
the desk for National Statistics said price of Food and non-alcoholic beverages were up 19.1% annually in March – the largest increase since August 1977.
The Bank of England said last month that it expected inflation to fall “significantly”. in the second quarter. In February, the Bank of England had forecast inflation in March of 9.2%.
Another 25 basis points rate A hike seems very likely in May, and the Bank should stand ready to take further action unless economic data becomes available shows more Final signs of Hugh Jemper said, global market Strategist at JP Morgan Asset Management.
While likely to inflation drop naturally with sharp increases in Energy prices are seen last year He falls out of Annual comparison, the Bank of England is trying to judge how fast It will decline.
Other indicators are mixed on that front, with data on Tuesday shows stronger-than-expected wages growth. business surveys, however, show Refrigeration and selling costs price pressure.
financial markets on Tuesday indicated 95% chance The Bank of England will raise interest rates next Month, up from 85% on Tuesday.
economic inflation in Prices charged by manufacturers have fallen sharply in March reached its lowest level since October 2021 at 8.7%, down from 11.9% in February, mainly reflecting a drop in Oil prices.
raw material costs for Manufacturers 7.6% higher from U.S year previously – down From 12.8% in February but lower of a drop than expected economists polled by Reuters.