The increase has been primarily caused by increased demand with lessened supply. This increase means that the annual rate of inflation now stands at 13.2%, down from 26.6% in the same period last year.
Between December 2022 and March 2023, monthly growth in demand was significant, increasing by 21% in January and 15.5% in February.
The total price growth since the start of the pandemic was calculated at 77.5%.
Imports also increased by 6.4% to a total of 12,385 in Q1, the first annual increase since 2019. The share of used cars being imported from the UK fell to a new low of 32.7%, this is in stark contrast to Q1 of 2020, when the share of all imported used cars coming from the UK was 93.6%.