By Hanna Ziady, CNN UK inflation remained above 10% in March, far higher than in the United States and Europe, as bread prices rose at a record pace. Consumer prices rose 10.1% last month compared with a year ago, down only slightly from 10.
Britain’s inflation rate remained stubbornly high in double digits in March, another surprisingly strong reading that will strengthen the case for more interest rate rises at the Bank of England.
Food prices rose at the highest pace in decades. A combination of persistent price increases and rising wages sets the stage for further interest-rate increases despite a weak economy.
LONDON >> The price of food in the U.K. rose at the fastest pace in 45 years last month in, keeping inflation above 10% for a seventh straight month amid a cost-of-living crisis that has fueled a wave of strikes by government workers.
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UK inflation eases but holds above 10%: data | Since Then
