UK inflation jumps to 3.3% in March as fuel prices surge amid Iran war

Source: CNBC

Europe Economy
UK inflation jumps to 3.3% in March as fuel prices surge amid Iran war

Published Wed, Apr 22 2026 2:07 AM EDT Updated 4 Min Ago
Holly Ellyatt
@HollyEllyatt

Key Points
* Economists polled by Reuters had expected the inflation rate to accelerate to 3.3%, up from 3% in the 12 months to February.
* The latest data is the first hard evidence of the Iran war’s impact on consumer prices in the U.K.
* Fuel prices saw their largest increase for over three years, the ONS’ chief economist said.


LONG STRATTON, ENGLAND - MARCH 31: Prices for diesel almost reach £2.00 a litre on March 31, 2026 in Long Stratton, England. This week, global oil prices rose to their highest levels since 2022 following an escalation of the US-Israel war with Iran. Brent crude, the international benchmark, surged past the $100 mark before dipping below that psychological threshold. Liquid Natural Gas (LNG) prices have also seen a 50% increase since the US and Israel attacked Iran. The war has effectively closed the Strait
Prices for diesel almost reach £2.00 a litre on March 31, 2026 in Long Stratton, England.
Martin Pope | Getty Images News | Getty Images

U.K. inflation jumped to 3.3% in March as the Iran war sparked a sharp increase in fuel prices, preliminary data from the Office for National Statistics (ONS) showed Wednesday.

Economists polled by Reuters had expected the inflation rate to accelerate to 3.3%, up from 3% in the 12 months to February. The latest data is the first hard evidence of the Iran war’s impact on consumer prices in the U.K.

The rise in inflation was largely due to increased fuel prices, which saw their largest increase for over three years, Grant Fitzner, chief economist at the ONS, commented Wednesday.

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Read more: https://www.cnbc.com/2026/04/22/uk-inflation-jumps-to-3point3percent-in-march-as-fuel-prices-surge.html

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This is an annual rate. If the inflation Britain experienced in March kept up at this pace, Britain would see prices increase by 3.3 percent over the course of 2026.

NOT inflation in March was 3.3 percent.