UK inflation slowed slightly last month but held stubbornly above 10 percent, official data showed Wednesday, further fuelling a cost-of-living crisis despite an aggressive series of interest-rate hikes.
The Consumer Prices Index (CPI) rose by a stronger-than-expected 10.1 percent in March, down from 10.4 percent in February, the Office for National Statistics (ONS) said in a statement. Inflation nevertheless held in double figures on soaring food and housing costs including electricity and gas bills. Market expectations had been for a drop below 10 percent.
“Inflation eased slightly in March, but remains at a high level,” said ONS chief economist Grant Fitzner.—AFP
