UK inflation rises to 3.3% amid soaring fuel prices driven by Iran war
Motor fuel prices rose 8.7% in March, the biggest monthly increase since June 2022, the Office for National Statistics said.
- British consumer price inflation rose to 3.3% in March from 3.0% in February, marking the first impact of the Middle East war on prices, the Office for National Statistics reported on Wednesday.
- Motor fuels jumped 8.7% on the month, the largest rise since June 2022, according to Grant Fitzner, chief economist at the ONS, who attributed the surge largely to increased fuel prices.
- Diesel prices reached nearly £2.00 a litre in Long Stratton, England, on March 31, while Fitzner added that rising airfares and food costs also drove inflation higher.
- Suren Thiru, ICAEW's chief economist, commented that inflation could climb above 4% by autumn, though a weakening economy might allow rate-setters to "look through" the spike.
- While financial markets bet on one or two interest rate rises this year, most economists expect the Bank of England to keep rates unchanged, despite The International Monetary Fund predicting inflation will peak at 4%.
100 Articles
100 Articles
UK Inflation Climbs to 3.3 Percent as Fuel, Food Costs Rise Amid Iran War
UK inflation rose to 3.3 percent in March from 3 percent in February, driven largely by higher fuel and travel costs, according to April 22 data from the Office for National Statistics (ONS), which showed the first effects on prices from the Iran war. Gasoline prices rose by 8.6 pence (11.4 cents) per liter between February and March, reaching an average of 140.2 pence per liter ($7 per gallon), the highest since August 2024. Diesel prices also …
Oskaloosa Herald
UK inflation rises as prices at the pump spike after Iran war
Inflation in the U.K. climbed in March, driven by a sharp rise in fuel prices following the Iran war. Official figures show the annual consumer price inflation rate reached 3.3%, up from 3% the previous month. The Office for National…
Food and non-alcoholic beverage prices accelerated from 3.3 percent in February to 3.7 percent in March.
UK inflation jumps to 3.3% in March as Iran war sends fuel prices to highest rise since Ukraine invasion
UK inflation rose to 3.3% in March due to surging energy costs from the Iran war. Motor fuel prices jumped 8.7%, while services inflation unexpectedly increased to 4.5%. This inflation outlook may impact interest rates, with economists now expecting a prolonged pause in rate hikes.
UK economy hit by 'Trumpflation' as March price rises revealed
It’s official – Trumpflation has hit the UK economy as the first impacts of the war in Iran reveal themselves. Over the last couple of weeks, there have been a few bits of surprisingly good economical news for the government. But each of these came with the crucial caveat that the figures were from the weeks and months before Donald Trump’s war in Iran. The US and Israel’s joint military action in Iran has sent the price of oil rocketing after I…
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