British inflation rises to highest level in thirty years

The UK consumer price index stood at 7% in March, compared to 6.2% the previous month, which is the highest rate since 1992, the Office for National Statistics (ONS) reported on Wednesday. ).

The rise in inflation responded to the increase in the prices of electricity, gas and fuel, as well as transport and the prices of materials used by the industrial sector.

British inflation rose more than the 6.7% that analysts had estimated.

According to Grant Fitzner, chief economist of the ONS, the general increase in prices was pronounced in March, but especially that of fuel.

“Restaurant and hotel prices also rose sharply in March, while, after falling a year ago, increases were seen in different types of food,” he added.

“Product prices coming out of UK factories have continued to rise sharply,” Fitzner said, mentioning metals among them.

To contain the increase in inflation, the Bank of England raised interest rates in the United Kingdom from 0.5% to 0.75% last month, the third consecutive increase that the entity undertook in order to contain inflation. .

That was the third increase in four months in an attempt by the British issuing bank to counteract the rise in the cost of living in the United Kingdom.

Experts do not rule out another rise in the price of money because inflation is well above the 2% target set by the Bank of England.