Highest CPI inflation in 30 years

A 0.8% increase on the 6.2% figure recorded in February, is the highest CPI 12-month inflation rate in the National Statistics series - which began in January 1997. It’s also the highest rate in the historic model since March 1992 - when it stood at 7.1%. 

The CPI monthly rate, meanwhile, went up by 1.1%. This is compared to the 0.3% figure seen in March 2021. 

As for the Consumer Prices Index including owner occupiers’ housing costs (CPIH), this rose by 6.2% in the 12 months to March 2022 from the 5.5% number seen in February. This is the highest recorded 12-month inflation rate in the National Statistics series, which began in January 2006 - with the rate last as high 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 fuel resulted in the largest upward contribution to the monthly rate in March 2022. This differs from March 2021, when the main upward contributions to the monthly rate came from clothing, footwear and transport - partly offset by a downward contribution from food. 

Housing and household services contributed 1.49 percentage points to the CPIH 12-month inflation rate in March 2022. This was the largest contribution from any division this month, and the largest contribution from housing and household services since January 2009. 

Owner occupiers’ housing costs rose by 2.7% in the year to March 2022 - the largest 12-month rate since 2.7% in October 2016. This resulted in a contribution of 0.50 percentage points to the CPIH annual inflation rate. 

Clothing and footwear prices also rose, increasing to 9.7% in the year to March 2022 - while prices for furniture, household equipment and maintenance rose by 10.4%. 

The contribution from transport, meanwhile, ranged from a downward contribution of 0.20 percentage points in May 2020 during the first Covid lockdown, to an upward contribution of 1.47 percentage points in March 2022. This latest contribution is the largest before the start of the National Statistics series in January 2006. 

Overall prices for recreational and cultural goods and services rose by five percent to March, contributing 0.55 percentage points. Additionally, prices for food and non-alcoholic beverages rose by 5.9% on the year - resulting in a contribution of 0.53 percentage points, the highest 12-month rate and contribution for this category since September 2011.