U.K. monthly inflation shot above the government’s target level in March, for the second time this year.Bloomberg:
Consumer prices climbed 3.4 per cent from a year earlier, compared with a 3 per cent increase in February, the Office for National Statistics said in London today. The median forecast of 30 economists surveyed by Bloomberg News was 3.1 per cent. On the month, prices increased 0.6 per cent.
Core inflation, which excludes costs of energy, food, alcohol and tobacco, unexpectedly accelerated to 3 per cent in March from 2.9 per cent in February. Economists had forecast a 2.8 per cent rate, according to the median of 10 estimates in a Bloomberg News survey.
Retail price inflation, a cost of living measure used in wage negotiations, was 4.4 per cent in March, the statistics office said. Excluding mortgage payments, the rate was 4.8 per cent. Both are at the highest since September 2008.
Yet the pound is rallying against the dollar.
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