US EditionUK Inflation Set to Jump to 3.3% as Iran War Hits Petrol, Airfares, and Rent
Economists expect fuel costs and airfares to lift services inflation to 4.4%, complicating the Bank of England's rate path.
- The Office for National Statistics will reveal on Wednesday that Consumer Prices Index inflation climbed to 3.3% in March, up from 3% in February, driven by surging fuel costs.
- Conflict between US-Israeli and Iranian forces since late February has surged fuel prices, with RAC data from April 16 showing petrol at 158.1p per litre, 25p higher than when the war began.
- Goldman Sachs analyst James Moberly expects energy price hikes to add 0.4 percentage points to inflation, while Barclays chief UK economist Jack Meaning cited a "greater than previously expected" rise in airfares due to Easter travel.
- Describing the fuel situation as a "crisis", Oxfordshire County Council leader Councillor Liz Leffman announced a £5.12m support scheme last week for residents struggling with rising costs.
- The International Monetary Fund suggested spiking energy prices could push UK inflation toward 4%, while the Bank of England and economists expect price increases to accelerate in the coming months as conflict impacts persist.
10 Articles
10 Articles
UK Inflation Set to Jump to 3.3% as Iran War Hits Petrol, Airfares, and Rent
Inflation is expected to jump to 3.3 per cent as the first effects of the war in Iran will be recorded in a new set of data. The Office for National Statistics (ONS) is expected to reveal that inflation inched up in the year to March due to soaring fuel prices and tremors across financial markets. Economists polled by Bloomberg predicted that the consumer price index (CPI) inflation print would come in at 3.3 per cent, compared to three per cent…
Airfares, petrol pumps, mortgages: Inflation to jump due to Iran war
Inflation is expected to jump to 3.3 per cent as the first effects of the war in Iran will be recorded in a new set of data. The Office for National Statistics (ONS) is expected to reveal that inflation inched up in the year to March due to soaring fuel prices and tremors across financial markets. Economists polled by Bloomberg predicted that the consumer price index (CPI) inflation print would come in at 3.3 per cent, compared to three per ce…
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