The CPI, which measures inflation in the United Kingdom, rose to 7% on an annual basis in March, compared to 6.2% in the February reading, exceeding expectations that indicated a rise to 6.7%, the highest reading in the series that started from the national statistics in January 1997.

The main index, excluding food and energy prices, rose to 5.7% in March from 5.2%, compared to 5.3% expected by analysts. On a monthly basis, the index rose by 1.1 in March compared to an increase of about 0.3% in March of last year.

The British pound rose after the data, to trade at 1.3022 levels against the US dollar