Home News The UK recorded the highest inflation in March in 30 years

The UK recorded the highest inflation in March in 30 years

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The increase in inflation came in response to rising prices for electricity, gas and fuel, transportation, but also prices for materials used by the industrial sector.

Inflation has risen well above analysts’ estimates of 6.7%.

According to Grant Fitzner, chief economist at ONS, the general increase in prices was pronounced in March, especially in the case of fuels.

“Prices for restaurants and hotels also rose significantly in March, while after a decline a year ago, there were increases in various types of food,” he added.

“Prices of products coming out of UK factories continued to rise sharply,” said Fitzner, citing metal prices, among other things.

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To curb rising inflation, the Bank of England raised its benchmark interest rate from 0.5% to 0.75% last month, the bank’s third straight rise in stopping inflation.

Experts do not rule out another increase in the price of money, as inflation is well above the 2% target set by the Bank of England.

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