UK Inflation Remains Steady Prior To Impact Of Iran Conflict
UK inflation flatlined at 3% last month prior to the impact of the Iran war, according to official figures.
The rate of Consumer Prices Index (CPI) inflation was unchanged from the level reported in January, the Office for National Statistics (ONS) said.
It was in line with predictions from economists.
However, the steady picture for inflation does not yet reflect the impact of the conflict in the Middle East on the cost of living, with the first attacks taking place at the very end of February.
Oil and gas prices have jumped in recent weeks due to the conflict and other goods prices could also be affected by disruption to shipping through the Strait of Hormuz.
ONS chief economist Grant Fitzner said: “After last month’s slowdown, annual inflation was unchanged in February as various price movements offset each other.
“The largest upwards driver was the price of clothing, which rose this month but fell a year ago.
“This was offset by falls in petrol costs, with prices collected before the start of the conflict in the Middle East and subsequent rise in crude oil prices.”
Published: by Radio NewsHub