The rate of inflation was 10.1 percent in the 12 months to March, down from 10.4 percent in February figures released this morning show
Food prices rose by at 19.1%,their fastest rate in 45 years with the annual inflation price increase of imported food is at a whopping 29.5%, while for domestically produced food it is at 15%.
A spokesman for the Joseph Rowntree Foundation said
“The cost of food risks perpetuating this crisis long into the future, as families are increasingly unable to provide what they need to be healthy – regular, nutritious, cooked meals… It is a moral outrage that fresh food is increasingly out of reach.”
Alpesh Paleja, CBI Lead Economist, said:
“February’s uptick in inflation proved to be short-lived, with the CPI rate having fallen back in March. Inflation should continue to fall over the rest of this year, thanks to lower energy prices and base effects unwinding. But with the CPI rate set to stay above the Bank of England’s target, this will still be a tough year for many households – in particular, the strength in food price inflation will continue to have a big impact on peoples’ pockets.
“Monetary policy is now facing a renewed trade-off, with the inflation outlook looking more benign against the backdrop of some resilience in economic activity. With domestic price pressures still stubbornly strong, it’s plausible that the Bank of England will raise interest rates again at its May meeting. Nonetheless, we’re likely close to the peak in this rate-tightening cycle.”
