UK inflation surpasses expectations due to increased fuel prices.

UK inflation moderated less than anticipated last month as fuel prices edged up, highlighting central bankers’ hesitance to commence interest rate cuts. The Office for National Statistics reported a 3.2 percent increase in consumer prices in March compared to a year earlier, slightly lower than February’s 3.4 percent. Despite being the lowest since September 2021, both the Bank of England and private-sector economists had predicted a reading of 3.1 percent.