The UK’s Consumer Price Index (CPI), which measures inflation, rose to 3.3% in March, according to data released by the Office for National Statistics (ONS) on Wednesday morning, April 22. This compares to 3% in February and matches market expectations.

On a monthly basis, the CPI rose by 0.7% in March, compared to 0.3% in February. The core CPI, which excludes food, energy, alcohol, and tobacco prices, rose to 3.1% in March from 3.2% in February (3.2% expected).

The biggest impact on the index came from a 4.7% year-on-year increase in transport prices in March, following a 2.4% rise in February. This was the highest level since December 1, 2022, driven by higher fuel prices, with the average price of petrol rising by 8.6p per liter.