"Even in the best case scenario, the conflict in the Middle East is likely to prolong the timeline for recovery from the cost of living crisis."
"Contingency planning is taking place for every eventuality so that we can keep costs down for everyone and support those who need it most."
"Motorists are already feeling the financial burden. The RAC Foundation estimates that drivers have spent an additional £307 million on fuel since the US-Israeli strikes on Iran."
"Petrol prices reached 144.2p per litre on Monday—the highest since July 2024—while diesel prices surged by 24.7p to 166.9p per litre, the highest level since March 2023."
Ongoing conflicts involving Iran are expected to drive food prices up by more than 8%, significantly impacting British household budgets. The Institute of Grocery Distribution predicts food inflation could rise from 3.6% to over 8% by June, with moderate scenarios suggesting a 4.8% increase. This could add approximately £150 to average grocery bills. The Chancellor has indicated that contingency plans are in place to support affected households, while motorists are already facing increased fuel costs due to the conflict.
Read at London Business News | Londonlovesbusiness.com
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