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UK inflation held at 3% before global energy price hit from Iran war
UK inflation stayed at 3% in February before Iran conflict triggered higher energy costs, with March inflation expected to rise to 3.5%, Bank of England said.
- Official figures from the Office for National Statistics show UK inflation remained at 3% in February, the final reading before the Iran war disrupted global energy markets.
- Conflict in the Middle East has blocked the Strait of Hormuz, a vital maritime passage, sending oil prices surging from around $70 to nearly $100 and threatening transport costs.
- Last week, the Bank of England's Monetary Policy Committee voted "unanimously" to hold benchmark interest rates at 3.75%, warning that the conflict creates risks of "domestic inflationary pressures."
- Rising mortgage costs have followed market bets on rate hikes, while National Debtline reported two in every five people contacting them are behind on energy bills.
- The Institute of Grocery Distribution warned food inflation could surpass 8% by June if "disruption to global energy markets persists," potentially forcing households into impossible financial choices.
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Total News Sources41
Leaning Left3Leaning Right5Center13Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
14%
C 62%
R 24%
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