The sharp increase in energy prices led to a 3.3% year-on-year rise in the UK's March CPI.

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The data released by the UK’s Office for National Statistics on the 22nd shows that in March, the UK’s Consumer Price Index (CPI) increased by 3.3% year-on-year, significantly higher than the 2% increase in February. Analysts believe that the main reasons for the rise in UK inflation are the disruption of energy supplies and the surge in energy prices caused by Middle Eastern conflicts.

Data shows that transportation prices rose the fastest in March, with a year-on-year increase of 4.7%, far above the 2.4% year-on-year increase in February. In March, automobile fuel prices rose by 4.9% year-on-year, the highest level since January 2023. The core CPI, excluding energy, food, alcohol, and tobacco prices, increased by 3.1% year-on-year in March, below the 3.2% increase in February. The CPI for services rose from 4.3% in February to 4.5% in March.

Market institutions expect that although UK inflation rose significantly in March, the Bank of England is likely to keep the current benchmark interest rate unchanged, due to the weak UK labor market and severely insufficient economic growth momentum. (Xinhua)

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