Middle East crisis could push UK inflation back up to 3%, says OBR

Government’s economic watchdog believes pressure on energy prices could push rate close to 3% by end of 2026UK 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 said.David Miles, a senior figure at the Office for Budget Responsibility (OBR), said inflation could end the year a percentage point higher than expected before the war, because of the energy price shock triggered by the crisis in the Middle East.