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UK inflation climbs to 3.4%

The Consumer Prices Index, the government’s target measure of inflation, rose from 3% in February to 3.4% in March.

Data from the Office for National Statistics shows housing and household services were slightly higher in February and March but fell a year ago.

Gas bills were one of the main drivers for higher costs, as although average bills were unchanged between February and March this year but were lower a year ago.

Inflation was also driven by movements in petrol and diesel prices, air fares, food and non-alcoholic drinks and clothing and footwear.

But prices for furniture, household equipment and maintenance rose by less than a year ago.

The Retail Prices Index, which includes mortgage payments, stood at 4.4% in the year to March, up form 3.7% in February.

Mortgage payments rose by 0.7% this year but fell 6.3% a year ago.

RPIX inflation, which measures the same items as the RPI but strips out mortgage payments, rose from 4.2% in February to 4.8% in March.

UK inflation was above that of the European Union in February, with an inflation rate of 3% compared to the 1.4% for the EU as a whole.

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  • Richard Lockhart 20th April 2010 at 11:23 am

    Why ask them?

    As experts they truly re define the word

    Ex is a has been
    Spurt is a drip under pressure.

    They almost all -haven’t called anything right in the last 3 years

    Why expect them to break with tradition?

    Economists and the Met seem on equal par with their wayward forecasting

    For what it’s worth neither the Met nor the Economist have a clue what’s goint to happen next.

  • James 20th April 2010 at 11:18 am

    Not this side of an election. I would expect inflation to ease off next qtr anyway.

  • bob 20th April 2010 at 11:03 am

    All you economists out there, is this going to prompt an interest rate movement?