UK inflation jumped sharply in March, with official figures revealing the impact of the Middle East conflict on the cost of living.
The Office for National Statistics (ONS) said on Wednesday that inflation rose too 3.3% in the year to March, up from 3% the previous month.
It is the first set of figures to reflect the surge in global oil and has prices following the outbreak of the war two months ago.
Oil prices have climbed around 30%, holding at roughly $100 a barrel for several weeks.
Petrol prices jumped by 8.6 pence per litre to an average of 140.2p, the highest level since August 2024.
Diesel prices saw an even steeper jump, climbing 17.6p per litre to 158.7p, the highest price since November 2023.
Grant Fitzner, Chief Economist at the ONS, said: “Inflation climbed in March, largely due to increased fuel prices, which saw their largest increase for over three years.”
FSTE100
The UK's flagship share index, the FTSE 100, was down 118 points at 10,493 shortly after opening this morning.
Brent crude oil futures were down 0.84% trading at $97.65 a barrel.
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