UK inflation rises after Iran war pushes up fuel prices

UK inflation rises after Iran war pushes up fuel pricesJust nowShareSaveAdd as preferred on GoogleJemma CrewBusiness reporterGetty ImagesThe UK inflation rate rose by 3.3% in the year to March, after the US-Israel war with Iran caused the largest jump in petrol and diesel prices in over three years.The increase in the pace of price rises – up from 3% in the year to February – was in line with economists' expectations.The Office for National Statistics (ONS) said the rise was "largely due to increased fuel prices", while air fares also contributed.The figures provide the first official look at the impact of the Middle East conflict on the cost of living in the UK.Wholesale energy prices since the war began on 28 February, with the production and transportation of energy across the Middle East slowing or stopping entirely due to missile strikes and drone attacks.Inflation is now expected to be higher this year and higher energy costs could also slow down the economy as people and businesses will have less money to spend.ONS Chief Economist Grant Fitzner said fuel prices had seen their "largest increase for over three years".Airfares and rising food prices also played a part, while "the only significant offset came from clothing costs, where prices rose by less than this time last year"."The monthly cost of both raw materials for businesses and goods leaving factories rose substantially, driven by higher crude oil and petrol prices," he added.BBC NewsChancellor Rachel Reeves said: "This is not our war, but it is pushing up bills for families and businesses. That's why it's my number one priority to keep costs down."Our economic plan is the right one and has put us in a stronger position to support families in the face of this new crisis."She added that the government would "protect people from unfair price rises if they occur to bring down food prices at the till", and was boosting long-ter...