UK records increase in price inflation in March

Gulf Today Report 

Britain recorded a rise in its inflation rate in March, according to official data on Wednesday.

The data has stoked analyst fears of an increase in prices as the country emerge from lockdown.

The Consumer Prices Index rate advanced to 0.7 per cent last month on rising prices for clothing and motor fuel, the Office for National Statistics said in a statement.

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Despite the increase, hanging in the air is the fear of global inflation increasing this year.

"The UK has reached a turning point in its economic reaction to the pandemic where price growth is now on an upward trajectory and should remain so for some time to come," warned portfolio manager Paul Craig at Quilter Investors.

British Prime Minister Boris Johnson's administration is working towards a phased reopening on the back of a successful vaccine drive.