Higher energy prices drive UK consumer prices up in March

The annual inflation rate increased to 3.3% in the UK in March, up from 3% in February, the Office for National Statistics (ONS) stated on Wednesdsay.

Energy prices were main reason for higher inflation in the month, the press release read, adding that the average price of petrol saw the highest price since August 2024.

Prices in the transport division rose overall by 4.7% in the 12 months to March, up from 2.4% in February, "The latest annual rate was the highest recorded since December 2022," ONS said.

Housing and household services posted an increase of 4.3% in March, up slightly from 4.2% in February.

Food and non-alcoholic beverage prices rose by 3.7% in March, up from 3.3% in February.

On a monthly basis, consumer prices rose by 0.7% in March, up from 0.3% in February.