UK March Consumer Price Inflation Rate at 7%... Highest in 30 Years

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] The consumer price inflation rate in the UK reached 7.0% in March this year, marking the highest level in 30 years.

According to official statistics from the UK government on the 13th, the consumer price inflation rate in March was 7.0%, up 0.8 percentage points from 6.2% in February.

The consumer price inflation rate in March this year is the highest since March 1992. The March inflation rate exceeded forecasts that predicted it would be in the high 6% range.

Grant Fitzner, Chief Economist at the UK Office for National Statistics (ONS), stated, "Broad-based underlying price increases have fueled the sharp rise in annual inflation," adding, "The items with the largest increases were oil and furniture, whose prices were collected before the fuel tax cut."

Like other advanced countries, the UK has been experiencing unprecedented inflation since last year due to rising energy prices and supply disruptions caused by the COVID-19 pandemic.

This content was produced with the assistance of AI translation services.