How the war in Iran is affecting the UK economy

Prices across the United Kingdom rose at an annual rate of 3.3% in March - a leg up from 3% in February - as the economic aftershock of war in Iran began to be felt.

Higher inflation was driven by the price of heating oil and fuel.

Petrol rose by 8 pence a litre last month; diesel prices rose by 17 pence. And it was just the beginning.

Domestic energy bills are set to rise in July and again in October - if the Strait of Hormuz remains closed.

Food and drink inflation has edged up to 3.7%.

“The clouds are gathering but the storm has not yet broken,” warns the Food and Drink Federation (FDF).

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