Why are UK prices rising more quickly?

uk prices rose 3.3% in the year to march, up from 3% and above the bank of england's 2% target. the increase was driven by higher fuel prices, air fares, and food costs, with food inflation climbing to 3.7%. the office for national statistics noted the rise was partly linked to easter timing, affecting chocolate, meat, and soft drinks. the bank of england has cut rates six times since august 2024, bringing them to 3.75%. however, the war involving iran has pushed up global energy costs, and is now expected to delay further rate cuts. some traders are predicting two rate increases by the end of 2026, potentially taking rates to 4.25%. the bank's next decision is on 30 april. core inflation, which excludes volatile food and energy prices, was 3.1% in march, down slightly from 3.2% in february. regular pay grew by 3.6% in the three months to february, just above inflation, meaning real wages grew by 0.4%.