5 Tweets 1 reads Apr 19, 2023
Britain now has western Europe's highest rate of consumer price inflation after it fell by less than expected in March to 10.1% from February's 10.4%, official data showed reut.rs
Consumer prices rose by an annual 10.1%, the Office for National Statistics said, down from 10.4% in February but above the 9.8% forecast by economists polled by @Reuters
Inflation, which hit a 41-year high of 11.1% in October, continued to eat into the spending power of workers whose pay is rising by less, as the price of food and non-alcoholic drinks jumped 19.1% in March - the biggest such increase since August 1977
Milk, sugar and olive oil prices were around 40% higher than a year ago.
Britain's headline March figure was the highest in western Europe and the only one at 10% or above. Austria recorded a higher inflation rate in February
'Price rises here are proving more difficult to neutralize and the Bank of England will almost certainly add at least one more quarter-point hike to borrowing costs,' said Ed Monk, from Fidelity International reut.rs

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