23 Apr 2026
The UK rate of inflation rose to 3.3% in the year to March, according to the latest figures from the Office for National Statistics (ONS).
That's up from 3% in the 12 months to February driven largely by higher fuel prices, says the ONS.
It says that fuel prices saw their largest increase for over three years while airfares and rising food prices also drove the rate upwards.
Martin Sartorius, Lead Economist at the Confederation of British Industry (CBI), said: 'Inflation ticked up in March, as the energy shock from the Iran conflict began to feed through to the UK economy.
'We expect the conflict to put upward pressure on households' fuel, energy, and food bills in the coming months. While risks are tilted to the upside, at this stage it seems unlikely that inflation will rise to the same extent as during the previous energy shock in 2022.
'We continue to expect that the Bank of England's Monetary Policy Committee will keep interest rates unchanged at its next meeting, as it waits to see how the inflationary impact of the Iran conflict develops.
'Persistently weak domestic activity and a looser labour market imply that rate hikes are relatively less likely in the near term, but they could still be a possibility if the conflict escalates significantly.'