Overview
- Britain’s statistics office reported Wednesday that CPI rose to 3.3% in March after motor fuel prices jumped 8.7% on the month, the biggest rise since June 2022.
- Officials link the move to the Iran war, which has throttled oil flows through the Strait of Hormuz; RAC data show petrol averaging 158.1p per litre and diesel 191.2p by April 16, up 25p and 49p since late February.
- The Bank of England is widely expected to hold rates next week as it gauges spillovers beyond energy, and Chancellor Rachel Reeves says easing household bills is her top focus after prices for crude and refined fuels lifted factory and input costs.
- The energy squeeze is hitting air travel as IEA chief Fatih Birol warns Europe has about six weeks of jet fuel left, with airlines including SAS, KLM, United, Cathay Pacific, Vietnam Airlines, Lufthansa, Norse Atlantic and Air New Zealand cutting flights or routes.
- The pattern is global, with US inflation at 3.3% in March and a record surge in gas‑station sales, and Canada’s CPI at 2.4% after a record monthly jump in gasoline prices tied to the conflict.