Belfast Telegraph

Inflation at 2% linked to petrol costs

By Alys Key

Inflation is expected to have edged up in March, as drivers face higher costs at the pumps.

Consensus estimates predict Office for National Statistics (ONS) figures will reveal today that the Consumer Prices Index (CPI) rate of inflation was up at 2% last month.

The recovery in oil prices and firmer food prices are both expected to push the rate higher than February, when it came in at 1.9%.

The rise will put the rate squarely on the Bank of England's 2% inflation target.

Analysts at Oxford Economics said inflation had been stable. "We expect March to have delivered a further tick-up in CPI inflation to 2%, reflecting upward pressure from petrol prices.

"While prices at the pumps dropped 1.4% between February and March 2018, they rose 1% in the same period this year."

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Belfast Telegraph