Inflation picks up in March

Latest reading: Consumer prices were up 1.2% on a year-on-year basis in March, following a 0.7% rise in the previous month. The reading was the highest in three months and was partly due to skyrocketing prices for fuel following the outbreak of the Iran war in late February. Relative to the previous month's figures, there were higher price pressures for housing and utilities (-0.3% in annual terms vs -0.9% in February), transportation (+2.2% vs -0.8% in February) and clothing and footwear (0.0% vs -0.6% in February). In contrast, price pressures reduced for food and non-alcoholic beverages in March (+1.8% vs +2.6% in February). Meanwhile, core consumer prices increased 1.7% on a year-on-year basis in March, following a 1.8% increase in the prior month. Lastly, consumer prices were down 0.04% in March on a month-on-month basis, following a 1.01% increase in the prior month.

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