business
Why are UK prices rising more quickly?
Key takeaways
- Prices in the UK rose by 3.3% in the year to March, up from the 3% recorded in January and February, and above the Bank of England's 2% target.
- These were the first official inflation figures since the start of the US-Israel war with Iran, which has put up energy and fuel costs around the world.
- The Bank moves interest rates up and down to try to keep inflation on track.
Prices in the UK rose by 3.3% in the year to March, up from the 3% recorded in January and February, and above the Bank of England's 2% target.
These were the first official inflation figures since the start of the US-Israel war with Iran, which has put up energy and fuel costs around the world.
The Bank moves interest rates up and down to try to keep inflation on track. Six cuts since August 2024 had brought rates down to 3.75%, but the war is expected to delay any further falls, and the next move could be up.
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