"Households in the UK could soon be paying more for groceries, experts have warned, as the economic fallout from war in Iran hits economies around the globe."
"Fuel prices have already started to rise across the country as the cost of oil reaches highs not seen since 2022 following Russia's invasion of Ukraine."
"An energy bill shock is also anticipated in July, when Ofgem's price cap is forecast to rise by as much as 300, according to one consultancy."
"The complex product is essential for British agriculture as it is used in some form in the vast majority of arable farming."
Experts warn that UK households may face higher grocery prices due to the economic impact of the war in Iran. Rising fuel prices, linked to the cost of oil, are already affecting the economy. An anticipated energy bill shock in July could see Ofgem's price cap rise significantly. Additionally, pressures on natural gas trade are expected to drive up synthetic fertilizer prices, which are crucial for British agriculture. This fertilizer, essential for crop yields, relies heavily on natural gas for its production.
Read at www.independent.co.uk
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