Breaking News
UK Inflation Climbs to 3.3% as War in Middle East Drives Energy Shock
UK cost of living rises as inflation hits 3.3%, with fuel prices recording their sharpest increase in over three years.
Britain’s inflation rate rose to 3.3 percent in March as global energy markets reacted to the ongoing Middle East conflict, official figures have shown.
According to the Office for National Statistics, the Consumer Prices Index increased from 3.0 percent in February, with fuel prices driving the sharpest rise in over three years.
“Inflation climbed in March, largely due to increased fuel prices,” said ONS chief economist Grant Fitzner.
UK Chancellor Rachel Reeves said the government is working to ease pressure on households as the conflict pushes up living costs.
“This is not our war, but it is pushing up bills for families and businesses,” she said, adding that reducing costs remains her “number one priority.”
She also announced an increase in the windfall tax on low-carbon electricity producers to 55 percent, though she rejected direct reductions in consumer energy bills.
The UK inflation rate now matches the United States at 3.3 percent, while eurozone inflation stands lower at 2.6 percent.
Energy prices have surged since the US-Iran war began on February 28, although some easing has followed a ceasefire extension by US President Donald Trump.
Despite this, oil and gas remain elevated due to continued disruptions in the Strait of Hormuz.
Market analysts say the Bank of England is unlikely to adjust interest rates in response.
Emma Wall of Hargreaves Lansdown said: “While the increase in prices will be felt keenly at the petrol pump, it is highly unlikely a single inflation print will be enough to sway policy makers.”
The International Monetary Fund has meanwhile downgraded UK growth expectations to 0.8 percent due to the conflict, down from 1.3 percent previously forecast.
Africans Angle News
