UK inflation remained at 3% in the 12 months to February, the Office for National Statistics reveals.
The ONS highlights that the price data used predates the current hostilities within the Middle East, which commenced on 28 February 2026.
Last week, the Bank of England unanimously voted to hold the base rate at 3.75%, which was widely expected.
Prior to the ongoing conflict in the Middle East, the BoE was expected to cut base rate by at least 0.25% but the institution is set to remain cautious throughout 2026.
During the meeting on 19 March, the MPC said: “Conflict in the Middle East has caused a significant increase in global energy and other commodity prices, which will affect households’ fuel and utility prices and have indirect effects via businesses’ costs.”
