Rising energy prices pushed the CPI inflation rate up to a 40-year high of 7.9% in February and, given the spike in crude oil and gasoline prices since Russia's invasion of Ukraine, it will climb well above 8% in March. Nevertheless, an eventual drop back in energy prices, gradually easing supply constraints and more favourable base effects mean that March should be the peak, with both headline and core inflation falling to nearer 3% by the end of this year.
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