𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

UK inflation lifted to its highest since December after a sharp jump in diesel and petrol prices caused by the conflict in the Middle East, according to official figures.

The rate of Consumer Prices Index (CPI) inflation increased to 3.3% in March from 3% in February, the Office for National Statistics said.

The increase was in line with predictions from economists.

Higher motor fuel was the main driver of the acceleration in inflation, increasing by 8.7% month-on-month – the largest increase since June 2022, shortly after the Russian invasion of Ukraine.

Office for National Statistics chief economist Grant Fitzner said: “Inflation climbed in March, largely due to increased fuel prices, which saw their largest increase for over three years.

“Air fares were another upward driver this month, alongside rising food prices.

“The only significant offset came from clothing costs, where prices rose by less than this time last year.”