Financial News: UK Inflation Rises To 3.3% In March

UK Inflation Rises To 3.3% In March

(RTTNews) - British consumer price inflation increased in March to the highest level in three months, driven mainly by higher transport costs, data published by the Office for National Statistics showed on Wednesday.

The consumer price index climbed 3.3 percent year-on-year in March, faster than February's 3.0 percent stable increase. That was in line with expectations.

Core inflation that excludes prices of energy, food, alcohol, and tobacco eased slightly to 3.1 percent from 3.2 percent in the prior month.

Inflation based on transportation accelerated to 4.7 percent from 2.4 percent, and the annual price growth in food and non-alcoholic beverages quickened to 3.7 percent from 3.3 percent. Meanwhile, clothing and footwear prices were 0.8 percent less expensive.

On a monthly basis, consumer prices moved up 0.7 percent after rising 0.4 percent in February. The expected rate was 0.6 percent.

Another report from the ONS showed that input prices climbed 5.4 percent year-on-year in March, much faster than the 0.7 percent increase in the prior month. On a monthly comparison, input prices rose 4.4 percent, following a 0.9 percent gain in February.

Meanwhile, output price inflation rose to 2.6 percent from 1.8 percent in February. Month-on-month, output prices rebounded 0.9 after falling 0.5 percent in the previous month.

Higher crude oil prices drove the rise in input producer price inflation, while soaring costs of coke and refined petroleum products pushed up output price inflation.

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