UK DATA: Mar CPI +0.3% m/m; +3.5% y/y vs Feb 3.4%….

UK DATA: Mar CPI +0.3% m/m; +3.5% y/y vs Feb 3.4% y/y
–Above Median Forecast of 0.3% m/m; 3.4% y/y
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Consumer price inflation rose for the first time in five months in
March. The rise in inflation was unexpected and puts the rate for the
first quarter a little above the latest BOE forecast. Consumer prices
rose 0.3% on the month in March and were up 3.5% on the year, compared
with 3.4% in February, the first rise in inflation since September 2011.
The outturn was only marginally above the median forecast as analysts
had actually forecast a rise of 0.3% on the month but a 3.4% rise on the
year. Today’s figures mean that CPI inflation stood at 3.5% in the
first quarter, a little above the 3.35% central projection in the Bank
of England’s February Inflation Report.