Spring forecast: Reeves to insist she has ‘right economic plan’; Markets drop again as Middle East crisis drives up oil and gas prices – live updates

Rolling coverage of the latest economic and financial news, including the UK’s spring forecastRachel Reeves’s plans could be hit by Middle East conflict, say economistsUK grocery price inflation has risen, showing that people are being hit in the pocket even before the surge in energy prices feeds through to the economy.Data provider Worldpanel by Numerator has reported that annual grocery inflation rose to 4.3% in February, after four consecutive months of falls, in a blow for households. That’s up from 4% in January.Sentiment towards BP and Shell has strengthened significantly off the back of oil price spikes. But it’s a complex picture. Neither company has production in Iran. But BP’s significant production in Iraq and Abu Dhabi risks being bottlenecked through disruption to the Strait of Hormuz. For Shell the same applies to its LNG facilities in Qatar and the Emirates. If a moderate sustainable regime is established in Iran, there