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UK inflation accelerates further with + 7% yoy in March. This is the highest level in three decades. The consensus was steady at + 6.7%. The March reading marks the sixth consecutive month that UK inflation has risen more than expected. In March, a large increase in prices emerges across the economy, including fuel, metals, used cars, costs of restaurant meals, hotels, furniture and clothing.
The Bank of England, which sees interest rates hike for the fourth time in May, expects inflation to hit around 8% in April when a 54% increase in the energy price cap comes into play.