In February, the UK inflation rate remained at 3%, with no impact from the Iran war at the time.

Before the outbreak of the war in Iran, the inflation rate in the UK was at its lowest level in 11 months. However, this war led to a surge in gasoline prices, potentially causing financial impact on households once again. The UK's National Statistics Office said on Wednesday that the consumer price index for February remained at 3%, in line with economists' expectations. Service sector inflation slightly fell to 4.3%, the lowest level since March 2022. "Rising clothing prices are the biggest factor driving inflation," said Grant Fitzner, chief economist at the National Statistics Office, "but the drop in gasoline prices offset this effect, as gasoline prices were collected before the outbreak of the conflict in the Middle East and the subsequent rise in oil prices."