Annual inflation in the UK hit 7 percent in March, the highest level since 1992.
Inflation in the UK exceeded expectations and rose to a 30-year high.
Annual inflation rose to 7 percent. In February, inflation was 6.2 percent. Economists’ median estimate was 6.7 percent. Inflation in the country increased by 1.1 percent monthly, breaking a record. The expectation was 0.8 percent.
The rise in inflation is expected to accelerate with the implementation of the 54 percent hike in energy prices this month.
Inflation was above the target for six consecutive months. The increase in restaurant, energy, hotel, furniture, clothing, and shoe prices contributed to the rise in inflation.
The Bank of England is expected to raise interest rates for the fourth time in a row in May to prevent inflation.