UK annual inflation soars to new 30-year high in March

UK annual consumer inflation soared to a new 30-year high as it hit 7% in March, exceeding market estimates, according official figures released on Wednesday. The reading was up from 6.2% registered in February. The hike was led by broad price rise across the country, such as electricity, gas, motor fuels, second-hand cars, restaurant meals, and hotels, said the Office for National Statistics. On a monthly basis, the consumer prices index rose 1.1% in March 2022, versus a rise of 0.3% in March 2021.