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The Office for National Statistics (ONS) released the consumer price inflation data for the U.K. on Tuesday. The U.K. consumer price index rose to 0.5% year-on-year in March from 0.3% in February, exceeding expectations for a rise to 0.4%.
The increase was mainly driven by rises in air fares and clothing prices. Food prices declined.
On a monthly basis, U.K. consumer prices increased 0.4% in March, exceeding expectations for a 0.4% gain, after a 0.2% rise in February.
Consumer price inflation excluding food, energy, alcohol and tobacco prices climbed to 1.5% year-on-year in March from 1.2% in February, beating expectations for an increase to 1.3%.
The Retail Prices Index increased to 1.6% year-on-year in March from 1.3% in February, exceeding expectations for a rise to 1.4%.
The consumer price inflation is below the Bank of England's 2% target.
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