The United Kingdom (UK) headline Consumer Price Index (CPI) rose 3.3% over the year in March, compared to a rise of 3.0% in February, the data released by the Office for National Statistics (ONS) showed on Wednesday. Markets predicted a 3.3% growth in the reported period. The UK inflation reading was well above the Bank of England’s (BoE) 2% inflation target.The core CPI (excluding volatile food and energy items) climbed 3.1% year-over-year (YoY) in the same period, compared to February’s 3.2% print and came in below the forecast of 3.2%.Meanwhile, the monthly UK CPI arrived at 0.7% in March versus a rise of 0.4% reported in February, above the market consensus.GBP/USD reaction to the UK CPI inflation dataThe UK CPI inflation data fails to boost the Pound Sterling (GBP). At the time of writing, the GBP/USD pair is trading 0.08% higher on the day to trade at 1.3518.By .fxstreet.com