U.K. annual inflation rose to 3.5 percent in March from 3.4 percent in February, the Office for National Statistics showed Tuesday. Economists were expecting the annual rate to remain at 3.4 percent.
Inflation continues to hover above the 2 percent inflation target.
Meanwhile, consumer prices logged a 0.3 percent rise on a monthly basis, much slower than the 0.6 percent growth seen in February. The increase matched economists' expectations.
Excluding energy, food and alcoholic beverages, core annual inflation rose to 2.5 percent in March from 2.4 percent in February. Economists were expecting the rate to fall to 2.3 percent.
Retail price inflation came in at 3.6 percent annually, down from 3.7 percent in February. The retail price index, excluding mortgage interest payments or RPIX also climbed 3.7 percent, slower than the 3.8 percent gain in February.
by RTT Staff Writer
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