According to official data released on Wednesday, after a series of aggressive interest-rate hikes, UK inflation slowed last month but maintained above 10% due to rising food costs. This further exacerbated the country’s cost of living crisis.
The Office for National Statistics reported that the Consumer Prices Index increased by a faster-than-anticipated 10.1 percent in March from 10.4 percent in February.
Due to rising food and housing prices, inflation remained above 10 percent, shattering hopes that it would fall below 10 percent after the Bank of England substantially increased borrowing costs.
In October of last year, the rate rocketed to a 41-year high of 11.1 percent due to exorbitant energy costs following Russia’s invasion of Ukraine, a major gas producer.