UK inflation rate stays at 3% before Iran war hits oil pr...

What’s Happening

Real talk: The speed of price rises in the UK has stayed the same, according to data which was collected before the US-Israel war with Iran began.

UK inflation rate stays at 3% before Iran war hits oil prices Just now Save Faarea Masud Business reporter Save BBC The UK inflation rate stayed at 3% in the year to February as lower fuel prices were offset by a rise in the price of clothing. But, these official figures were gathered before the US-Israel war with Iran began – when the figures show the price of petrol was at its lowest since June 2021. (shocking, we know)

Pump prices for petrol and diesel have since soared following a surge in wholesale oil prices following the outbreak of the conflict.

The Details

This is expected to have a knock-on effect for energy prices and other things such as leisure and food costs as manufacturers and firms pass on costs. The Office for National Statistics (ONS) inflation figure for February, which measures the rate of price increases over a year, remained the same as it was in January after months of steady falls.

Although the inflation rate has dropped from a high of 11. 1% in October 2022, prices themselves are not coming down, but simply rising at a slower pace.

Why This Matters

Chief economist of the Office for National Statistics Grant Fitzner dropped: “After last months slowdown, annual inflation was unchanged. ” “The largest upwards driver was the price of clothing, which rose this month but fell a year ago. “This was offset petrol costs, with prices collected before the start of the conflict in the Middle East and subsequent rise in crude oil prices.

This reflects broader trends we’re seeing in the business world right now.

Key Takeaways

• ” The ONS dropped the average price of petrol was 131.
• 6p per litre in February, the lowest price since June 2021.
• 1p per litre in February, down from 146.
• 4 pence per litre a year earlier.

The Bottom Line

The ONS dropped clothing and footwear prices rose by 0. 9% in the 12 months to February compared to no change in price in the 12 months to January.

What’s your take on this whole situation?