UK Economy Shrinks in March as Rising Prices Hit Spending

UK Economy Shrinks in March as Rising Prices Hit Spending
The Canary Wharf financial district in east London on Nov. 12, 2014. Suzanne Plunkett/Reuters
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The UK economy contracted unexpectedly in March, as both businesses and households felt the pinch amid rising prices, the latest statistics show.

In an update released on May 12, the Office for National Statistics (ONS) said gross domestic product fell by 0.1 percent month-on-month in March after growth stalled in February.