Middle East crisis could push UK inflation back up to 3%, warns OBR
Government economic watchdog believes pressure on energy prices could push rate close to 3% by end of 2026
UK inflation could end the year higher than previously expected at 3% because of the US-Israel war in Iran, the government’s economics watchdog has warned.
David Miles, a senior figure at the Office for Budget Responsibility (OBR), said inflation could end the year close to 3% – a percentage point higher than expected before the war – because of the energy price shock triggered by the crisis in the Middle East. The UK’s official inflation target is 2%.
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