UK inflation rate stays at 3% in the year to February

The Office for National Statistics reported UK annual inflation held at 3% in the year to February. The rate was unchanged from January. The figure remains above the Bank of England's 2% target, limiting scope for policy loosening. These figures were collected before the recent US-Israel conflict with Iran began, so new geopolitical shocks could push prices higher, and persistent 3% inflation keeps pressure on real wages and household budgets.