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“Inflation was above forecasts, driven by higher gasoline prices which have spiked following disruption to Middle East energy supplies due to the US-Israel conflict with Iran.”

“Persistent energy shocks due to Middle East conflict Crude oil prices have hovered between $90 and $100 a barrel as the disruption to shipping through the Strait of Hormuz enters its eighth month, far longer than analysts had expected.”

“The predicted rise is the result of disruption of gas supplies owing to the conflict in the Middle East, and the resulting low gas storage levels in Europe.”

“- Published Petrol and diesel prices have both hit the highest levels since 2022 as the conflict in the Middle East continues to impact drivers' finances.”

“It expects inflation - the rate at which prices rise - to pick up due to volatile oil and gas prices caused by the Middle East conflict, although the peak will be slightly lower than previously thought.”