UK inflation hits 3.3% on fuel

The United Kingdom's annual inflation rate accelerated to 3.3% in March, up from 3% in February, primarily due to soaring energy costs.

This increase reflects the first month of market disruption caused by the US-Israeli war with Iran and the subsequent closure of the Strait of Hormuz.

Petrol and diesel prices saw their largest monthly jumps in over three years, putting fresh pressure on the Bank of England to maintain high interest rates.

Economists warn that further price hikes are likely as the energy shock continues to filter through the broader economy.