UK inflation jumps to 3.3%

The latest data from the Office for National Statistics shows that the U.K. is facing renewed inflationary pressure.

Chancellor Rachel Reeves warned that while the conflict in the Middle East is not Britain's war, its economic tremors are being felt at the gas pump and in household bills.

The rise from 3.0% in February has dashed hopes for immediate interest rate cuts by the Bank of England.

Economists are now warning that inflation could remain volatile for months as the war continues to disrupt global supply chains.