Inflation in the United Kingdom for March surprised the market by maintaining above a double-digit level amid soaring food and energy bills.
According to the Office for National Statistics, the consumer price index in the U.K. rose by 10.1%, which is higher than a consensus from Reuters poll for a 9.8% rise.
The reading is slightly lower than a 10.4% increase in February and a 41-year high of 11.1% in October last year.
Inflation rose 0.8% on a monthly basis, higher than Reuters poll of 0.5%, but lower than 1.1% in February.
The core CPIH annual inflation, which excludes volatile food, energy, alcohol and tobacco prices, rose 5.7% on an annualised basis, unchanged from February.
The Bank of England decided to raise interest rates by 25 basis points to 4.25% in March. The market also expects another quarter-point hike in the meeting next month.
