UK inflation jumps to 3.3% in March as fuel prices spike, complicating path back to cheaper mortgages

Inflation climbed to 3.3% in March, up from 3.0% in February, driven by motor fuel prices after the Middle East conflict. That matters for housing because the Bank of England is widely expected to hold base rate at 3.75% on 30 April, keeping swap rates — the pricing engine behind fixed mortgages — stuck where they are. Lower inflation was the quickest route back to cheaper mortgages. This print pushes that route further out.