UK inflation jumps to 3.3%

The UK inflation rate surged to 3.3% in March from 3% in February, marking the first official data reflecting the economic impact of the conflict in the Middle East.

Rising energy costs and a significant jump in prices at the pump have added intense pressure to household finances and Rachel Reeves's budget plans.

While the Bank of England is unlikely to raise rates next week, the data suggests Britain is more vulnerable to war-related shocks than many other nations.

Analysts warn that the continued closure of the Strait of Hormuz could lead to further price volatility throughout the summer.