Consumer price inflation in the U.K. reached 7 percent in the 12 months to March 2022, the highest rate in 30 years, according to data released Wednesday by the Office for National Statistics.
The same measure of inflation stood at 6.2 percent in February. Transport costs, including petrol prices, housing costs (heating and electricity), furniture, restaurants and hotel prices mainly drove the surge, the ONS said.
“The price of goods leaving UK factories has continued to rise substantially with metal and transport products both at record highs and food reaching its highest rate for over a decade. Raw material costs also rose, with a notable increase in the price of crude oil,” said ONS Chief Economist Grant Fitzner in a statement.
The data showed a similar picture when adjusted to include owner-occupied housing costs, rising by 6.2 percent in the 12 months to March 2022, up from 5.5 percent in February 2022.