UK Retail Inflation Report summary
April 2022
Period covered: Period covered: March 2022
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Subscribe to access this data or take out a free 30 day subscription trial now.
The headline rate for inflation rose by 00 percentage points to 00% YoY in March (6.2% last month) – at least a 30-year high. This was once again higher than consensus of inflation rising by 00%. On a MoM basis, inflation rose by 00%.
The sharp rise was predominantly driven by an acceleration in fuel prices along with surging inflation in a range of categories including Furniture & Flooring, Housing, Hospitality and Food.
Transport made the largest upward contribution, driven predominantly by motor fuels. Average petrol prices were 00p per litre (ppl) in March 2022, up from 123.7ppl a year earlier. Notably, the monthly rise of 00 was the largest on record. Similarly, Diesel prices surged to 00, also a record high.
Restaurants and Hotels accelerated by 00% between February and March 2022 - the largest monthly change on record. Rising costs of alcoholic drinks served in hospitality venues and accommodation services drove the rise as businesses passed on their rising cost pressures to customers.
Elsewhere, annual Food inflation rose to its highest level since 00 00, up by 00%. Notable rises were reported in the Oils and Fats (+00%), Breads and Cereals (+00%), Meat (+00%), Fish (+00%) and Fruit (+00%) categories. Alcoholic Beverages also rose sharply, driven by spirits such as Vodka and Whisky.
Furniture and Household Goods inflation also accelerated sharply, rising by 00% from 9.1% last month. Furniture, Furnishings & Carpets (+00%) rose further, supported by ongoing supply chain disruptions.
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Sterling eases in March as uncertainty grows
Source: Datastream
