"The main upward pressure on inflation in February came from clothing and footwear, where prices rose by 0.9% over the year. This marked a reversal from the previous month, when clothing prices had shown no increase."
"While fuel costs helped keep inflation in check in February, that trend has already begun to reverse. The ONS reported that petrol prices were at their lowest level since June 2021 during the data collection period."
"The price of crude oil has risen sharply following disruptions to global supply chains and shipping routes, particularly through the Strait of Hormuz - a key artery for global energy markets."
UK inflation held steady at 3% in February, with clothing prices rising while fuel and alcohol costs fell. The data was collected before the US-Israel conflict escalated, which has already increased global energy prices. The main inflationary pressure came from clothing and footwear, which rose by 0.9%. Falling petrol costs helped stabilize inflation, but this trend is reversing as crude oil prices surge due to supply chain disruptions. Higher costs are expected to impact transport, manufacturing, food production, and leisure services.
Read at Business Matters
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