The UK rate of inflation has climbed to 3.3%, its biggest jump in years, as rising fuel prices push the cost of living higher, according to the Office for National Statistics (ONS).
UK inflation has risen to 3.3% in the year to March, up from 3% in February driven by a sharp rise in fuel costs, according to the ONS.
The increase was the biggest jump in more than three years and driven by the rise in cost of fuel due to the current war in Iran.
ONS chief economist Grant Fitzner has warned that if energy prices continue to rise, the impact could spread further across the economy, particularly through higher food prices.
Food costs did rise in the latest data by 0.3 percentage points.
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Chancellor Rachel Reeves responded to news, saying the spike reflects global instability rather than domestic policy, pointing to the Iran conflict as a key factor.
She said: "This is not our war, but it is pushing up bills for families and businesses," she says, adding that her "number one priority" is to keep costs down.
"We’ve taken £117 off energy bills, frozen rail fares and protected motorists with the fuel duty freeze."
"We’re acting to protect people from unfair price rises if they occur, to bring down food prices at the till, and are boosting long-term energy security - building a stronger, more secure economy."
The new figures follow First Minister John Swinney's announcement on plans for a food cap in Scotland, if the SNP get back into power next month.
Swinney pledged that the SNP will aim to “establish statutory price ceilings on a basket of 20 to 50 essential food items at large supermarkets … ensuring that necessities for a balanced diet remain affordable”.
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Shadow chancellor Mel Stride also said that while the Iran conflict had played a role, it was government decisions that had left the UK exposed.
The news comes after the SNP and Conservatives called for a vote of no confidence in Prime Minister Keir Starmer on Tuesday, April 21.
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