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| UK inflation rate remains at 2.3% | UK inflation rate remains at 2.3% |
| (35 minutes later) | |
| The UK inflation rate remained at 2.3% in March, the highest level since September 2013, official figures show. | |
| The rate was unchanged from February, but much higher from January's rate of 1.8%, partly thanks to the fall in the pound after the Brexit vote, which has raised import prices. | The rate was unchanged from February, but much higher from January's rate of 1.8%, partly thanks to the fall in the pound after the Brexit vote, which has raised import prices. |
| The Office for National Statistics (ONS) said the figure would have been higher but for a fall in air fares. | |
| These were lower this March thanks to the timing of Easter. | |
| Last March, airfares rose by 20% as travel costs rose amid higher demand at Easter. Because Easter falls in April this year, economists are expecting to see that add to pressure on inflation. | |
| The ONS also said that a recent fall in fuel prices had helped to keep prices from rising further. | |
| Food prices in March were 1.2% higher than last year, the biggest annual rise in three years. | |
| A survey by KPMG earlier on Monday suggested consumers were reining back spending in the face of rising prices. | A survey by KPMG earlier on Monday suggested consumers were reining back spending in the face of rising prices. |