Inflation expected to remain at 3% before Middle East conflict sparks jump
Fresh figures are expected to show that UK inflation remained steady last month but households could face another 'twist' to the cost-of-living story in the months ahead due to war in the Middle East, according to experts.
The rate of Consumer Prices Index (CPI) inflation has been gradually easing back towards the Bank of England's 2% target level since last summer.
Some analysts are expecting CPI to have held relatively steady in February, or dipped slightly, from the 3% level recorded in January.
Iran oil crisis has cost UK drivers £307m in higher fuel costs – analysis
The Iran oil crisis has cost UK drivers more than £300m in more expensive fuel, according to new analysis.
Motoring research charity the RAC Foundation said rises in pump prices since the conflict in the Middle East began on February 28 have led to motorists paying an additional £307m for petrol and diesel.
The average price of a litre of petrol at UK forecourts rising from 132.9p on February 27 to 146.4p on Monday, while diesel rose from 142.4p to 169.8p
Mercedes takes the next step in luxury with the Maybach S-Class
Mercedes has revealed the updated Maybach S-Class.
The new ultra-luxury version of Mercedes' flagship limo gets a restyled grille and double-star shaped headlights, but it's on the inside where the bulk of the changes are. There's Mercedes' new 'Superscreen', and dual 13.1-inch entertainment screens for the rear passengers.
Engine choices comprise a 4.0-litre V8 and a 6.0-litre V12. Prices will be revealed later.
The FTSE 100 closed higher on Tuesday, lifted by gains in oil majors BP and Shell, as investors await clarity over developments in the Middle East.
The FTSE 100 index closed up 71.01 points, 0.7%, at 9,965.16. The FTSE 250 ended down 110.89 points, 0.5%, at 21,135.77, while the AIM All-Share was up 0.67 of a point, 0.1%, at 714.09.
The pound was quoted slightly higher at 1.3394 dollars at the time of the London equities close on Tuesday, compared to 1.3390 dollars on Monday. The euro stood at 1.1591 dollars, higher against 1.1579 dollars. Against the yen, the dollar was trading higher at 158.82 yen compared to 158.79 yen.
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UK inflation holds at 3% but Middle East tensions threaten to push costs higher through oil price spikes.
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Rising fuel costs from geopolitical conflict directly impact household budgets and broader economic stability.
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Oil company shares gained as crude prices rose, with FTSE 100 climbing 0.7% on energy sector strength.
