CPI hits 7% in March 2022
13 April 2022
The Office for National Statistics (ONS) has released the inflation figures for March 2022 showing the Consumer Price Index (CPI) at 7%. This figure is up 0.8% from the February 2022 rate and the highest it has been since February 1992.
CPI is a measure of the change in the price of goods and services over time and the Bank of England target is to keep this figure below 2%. The Bank of England raised the current bank interest rate to 0.75% in order to reach this target.
The march figure does not take into account the recent rise in energy bills from the energy price cap being raised, this will be included in the April figures. The next release by ONS is due on 18 May 2022 and will provide the April data.
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