Faisal Islam

So yes, I don't think the numbers do add up right now, but I think, you know, these things have happened in three or four years.

I know we're not supposed to be talking about this, but that was the conversation that Rishi Sunak wanted to have and thinks the government should be having, even if it comes up with slightly different proposals, and we're not.

I'm going to have to say no to that.

This is from my hometown of Forfer in Angus.

Is it sweet?

Well, I think sometimes one sort of beats around the bush on this and you sort of say, well, there's a bit of this and a bit of that.

And, you know, this is the Iran war, right?

This is the Iran war and effectively, almost entirely, the impact on petrol and diesel prices.

So in a funny way, it's not new news.

It is a reflection of what...

our listeners will already have experienced at the petrol pumps, if they've got cars, or indeed if they've been watching our news packages, which is, yes, the petrol and diesel price have gone up, and the diesel price in particular, pretty sharply on the back of the Iran war and on the back of the rise in crude oil prices.

So that's pushed things up.

3.3% was with alongside expectations.

And the important counterfactual point here is,

is that this was the time that before the Iran war, we'd expected inflation to sort of start to come down pretty close to the 2% target and probably reach it next month when it gets an extra push downwards from the actual cut in domestic electricity and gas bills.

But no, that's not the case.

Couple of other factors worthy of note, I think.

Heating oil.

So the particular thing about actually is that it went up hugely in one month.

So we've seen sort of some almost vertical increases.