Inflation edges up to 0.7%

The UK’s inflation rate rose to 0.7% CPI (consumer prices index) in the 12 months to March, up from 0.4% in February, according to ONS figures. For RPI (retail prices index), the figures were 1.5%, up from 1.4%.

Rising prices for transport, fuel and clothing drove the increase, which was slightly offset by falls in the cost of food. Fuel prices in March showed their biggest annual increase since January 2020.

The consumer prices index including owner occupiers’ housing costs (CPIH) increased to 1.0% in the 12 months to March 2021, up from 0.7% to February. The Bank of England has forecast that inflation could reach 1.9% by the end of this year.

https://www.ons.gov.uk/releases/consumerpriceinflationukmarch2021