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UK hounded by worst inflation in Western Europe

Britain’s consumer price index stood at 10.1% year-on-year in March

Inflation in the UK came in at over 10% year-on-year in March, the highest rate among countries in Western Europe, official data showed on Wednesday.

According to the Office for National Statistics (ONS), the consumer price index (CPI) in the UK fell by less than expected to 10.1% in March, whereas economists had predicted a drop to 9.8%. The February reading stood at 10.4% year-on-year.

“The largest upward contributions to the annual CPIH inflation rate in March 2023 came from housing and household services (principally from electricity, gas and other fuels), and food and non-alcoholic beverages,” the ONS said.

Food prices rose at their fastest rate in 45 years, with the sharpest increases in March reported in goods such as olive oil (up 49%) and milk (up 38%).

READ MORE: Brits cut back on luxuries – Barclays

Britain is now the only country in Western Europe to report double-digit inflation. Austria is next at 9.2%, followed by Italy at 8.2%, according to data compiled by Reuters. The lowest CPI among the 14 countries in Western Europe was recorded in Spain (3.1%).

For more stories on economy & finance visit RT’s business section

April 19, 2023 at 03:10PM

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