UK Inflation Soars on Fuel Prices

0:00It's April 22nd. This is Canada News today, AI-powered stories from your city. I'm Cory with the story. UK inflation just hit a three-month high at 3.3% in March, up from 3% the month before. The big driver, skyrocketing fuel prices after the Iran War, messed with energy supplies, pushing pump prices way up. Motor fuel jumped 8.7% in a single month. The biggest spike since June 2022, right after Russia's move into Ukraine. Air fares and food costs climb too. All tied to that energy crunch and the numbers mashed what markets predicted. Treasury chief Rachel Reeves called it out. This ain't our fight, but it's slamming family and business bills hard. That fallout killed hopes for Bank of England rate cuts from their current 3.75% level, especially since inflation was eyeing. The 2% target this spring. Now, economists warn it could climb to 4% soon as energy hits household bills. They're watching if it sparks wage hikes or spreads wider, though a weak job market and sluggish economy might hold that back.

1:06Everything hinges on the war and the straight of four moves staying choked off to tankers. Oils bouncing between $90 and $100 a barrel now. Double the steady 60 pre-war markets. Stay jittery to there's a quick fix.