UK Inflation for March climbed sharply as motor fuel prices pushed the released figure to 3.3%, notably up from February's 3% release.
The more concerning nature of this release is the fact it is the first real inflation impact since the conflict began in The Middle East, particularly after January & February showed relative stability at 3%.
In particular, we saw petrol prices rise by 8.6 pence per litre, whilst diesel rose by 17.6 pence per litre. Overall fuel prices went from a 4.6% annual decline in February, to a 4.9% rise in March to bring prices to their highest level since January 2023.
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