Consumer Price Inflation, UK: March 2022 - CPI 7%

13th April 2022

The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 6.2% in the 12 months to March 2022, up from 5.5% in February.

The largest upward contributions to the annual CPIH inflation rate in March 2022 came from housing and household services (1.49 percentage points, principally from electricity, gas and other fuels, and owner occupiers' housing costs) and transport (1.47 percentage points, principally from motor fuels and second-hand cars).

On a monthly basis, CPIH rose by 0.9% in March 2022, compared with a rise of 0.2% in March 2021.

The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 6.2% in the 12 months to March 2022, up from 5.5% in February. This is the highest recorded 12-month inflation rate in the National Statistics series, which began in January 2006. The rate was last higher in the historic modelled estimates in February 1992 when it stood at 6.3%.

On a monthly basis, CPIH rose by 0.9% in March 2022, compared with a rise of 0.2% in the same month a year earlier. Rising prices for motor fuels resulted in the largest upward contribution to the monthly rate in March 2022. In March 2021, the main upward contributions to the monthly rate came from clothing and footwear, and transport (principally motor fuels), partly offset by a downward contribution from food.

The Consumer Prices Index (CPI) rose by 7.0% in the 12 months to March 2022, up from 6.2% in February. This is the highest CPI 12-month inflation rate in the National Statistics series, which began in January 1997. It is also the highest rate in the historic modelled series since March 1992, when it stood at 7.1%.

In March 2022, the CPI monthly rate was 1.1%, compared with 0.3% in March 2021.

Given that the owner occupiers' housing costs (OOH) component accounts for around 17% of the CPIH, it is the main driver for differences between the CPIH and CPI inflation rates.

The upward contributions to the change in the CPIH 12-month inflation rate between February and March 2022 came from many categories, with the largest from motor fuels, with no large offsetting downward contributions.

The Consumer Prices Index (CPI) rose by 7.0% in the 12 months to March 2022, up from 6.2% in February.

On a monthly basis, CPI rose by 1.1% in March 2022, compared with a rise of 0.3% in March 2021.

See the full report at https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/march2022