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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%.
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78 Articles
Oskaloosa Herald
TelegraphHerald.comUK 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.
The Bank of England is facing a stagflation dilemma. Investors expect an interest break next week. An area in particular provides a strong boost.
Daily Journal
UK inflation jumps as Mideast war propels energy prices
Britain's annual inflation rate jumped to 3.3 percent in March as the Middle East war sent oil and gas prices surging, official data showed Wednesday.
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