The rate of Inflation is the measure of how quickly prices have gone up. In March, prices had risen by 7% compared to a year ago. That is well above our 2% target. Higher prices for goods is one of the main reasons for this. As economies around the world opened up after Covid restrictions eased, people started to buy more goods. But the people selling these have had problems getting enough of them to sell to customers. That led to higher prices – particularly for goods imported from abroad. Higher energy prices have also played a big role. Large increases in oil and gas prices have pushed up petrol prices and energy ... (full story)