In March, consumer prices in the UK jumped by 7% compared to the same month last year, according to data from the country’s National Statistical Office (ONS). The rise in prices became a record since March 1992.

Thus, inflation accelerated compared to February, when consumer prices rose by 6.2%.

Analysts polled by Bloomberg on average expected consumer inflation in March at 6.7%. A consensus forecast of economists compiled by Trading Economics also called for a rise to 6.7%.

Consumer prices rose by 1.1% relative to the previous month. Experts on average predicted a rise of 0.7%. In February, prices increased by 0.8% compared to January.

Prices excluding food, alcohol, tobacco and energy (core inflation, CPI Core) rose by 5.7% in March in annualized terms after rising by 5.2% in February. The CPI Core index in monthly terms rose 0.9% after rising 0.8% a month earlier. Experts expected an increase in March in annualized terms by 5.4%, in monthly terms – by 0.5%.

Retail prices (RPI index) jumped by 9% in annual terms after growing by 8.2% a month earlier. It is the RPI index that is used by British employers when negotiating salaries. The difference in the dynamics of CPI and RPI indexes is due to the inclusion of housing costs in RPI, as well as the different weighting of airfares, insurance and gasoline prices.

Producer prices (PPI) increased by 12% in March on an annualized basis after rising by 9.9% in February.