UK inflation held at 3% before global energy price hit from Iran war
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The UK's consumer prices index remained steady at 3% in February, according to official figures. This was in line with economists' expectations and above the government's 2% target. The annual rate of food inflation fell slightly, driven by drops in olive oil, flour, and pizza prices. However, experts warn that this is likely the "calm before the storm" due to rising global energy costs, particularly petrol prices, which have increased significantly since the Iran war began. Petrol prices rose 12p per litre in February, with prices collected before the conflict and subsequent rise in crude oil prices. The Food and Drink Federation expects food costs to rise again if the conflict continues.
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AI-ExtractedCore inflation, which excludes volatile factors including food and fuel, was higher in February at 3.2%.
Petrol prices have increased significantly since the war began, with unleaded up by 12p or 9%.
Food and Drink Federation warned this was likely to be “the calm before the storm”.
The annual rate of food inflation fell slightly, driven by drops in olive oil, flour and pizza.
UK inflation rate held steady at 3% in February.
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