Inflation in Britain rises in March

Data today showed that Britain’s inflation rose to 0.7% in March after falling to 0.4% in February. Analysts had forecast that UK inflation would reach 0.8% in March and British inflation is expected to rise in the coming months due to an increase in regular household energy bills in April and a rise World oil prices. Fuel prices in March recorded their largest annual increase since January 2020, and clothing and footwear prices rose by 1.6% in March, the largest increase since 2017, while year-on-year prices for clothing and shoes remained 3.9% lower, and food prices fell 1.4%.

In February, the Bank of England expected inflation to reach 1.9% by the end of 2021, and the Bank of England in the medium term sees less upward pressure on inflation due to weakness in the labor market, which is expected to continue even after the economy returns to its pre-pandemic size, which it expected to occur in Early next year.