According to official data released on Wednesday, in March, UK inflation was over 10% year over year, the highest rate seen among countries in Western Europe.
Data released by the UK Office for National Statistics (ONS), showed the British consumer price index (CPI) dropped by less than analysts had expected in March, with economists expecting a fall to 9.8%. In February the reading had come in at 10.4% year over year.
The ONS said, “The largest upward contributions to the annual CPIH inflation rate in March 2023 came from housing and household services (principally from electricity, gas and other fuels), and food and non-alcoholic beverages.”
Among prices, food prices rose in Britain at the fastest pace in 25 years, with goods such as olive oil, up 49%, and milk, up 38%, showing the sharpest increases.
Britain now has the distinction of being the only nation in Western Europe which still has double-digit inflation. Among Western nations, the next highest rate of inflation is in Austria, which has a 9.2% rate, followed by Italy at 8.2%, according the Reuters data. Among the 14 countries comprising Western Europe, the lowest rate of inflation is seen in Spain, at 3.1%.