"Inflation climbed in March, largely due to increased fuel prices, which saw their largest increase for over three years. Air fares were another upward driver this month, alongside rising food prices."
"The crisis in Iran was 'not our war, but it is pushing up bills for families and businesses', highlighting the global nature of the inflationary pressures now feeding into the UK economy."
"Food and non-alcoholic drink prices also accelerated, with inflation rising to 3.7% year-on-year in March from 3.3% previously. Prices for items such as sweets and chocolates rose particularly quickly, up 10.6% over the year."
UK inflation reached 3.3% in March, up from 3% in February, primarily due to a significant rise in motor fuel prices, which increased by 8.7% month-on-month. Petrol prices rose to 140.2p per litre, while diesel reached 158.7p per litre. Air fares also contributed to inflation, rising by 14.5% year-on-year. Food prices accelerated, with inflation at 3.7%. Conversely, clothing and footwear prices fell by 0.8%, marking the lowest inflation in that category since March 2021.
Read at London Business News | Londonlovesbusiness.com
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