"Petrol prices have surged above 150p per litre for the first time in nearly two years, while diesel has jumped more than 34p per litre since the war began."
"Council tax will rise by 5% in England and Wales, with Scottish households seeing increases of between 4% and 10%. Average water bills in England are set to climb by £33 per household."
"The blockade of the Strait of Hormuz, through which around a third of global fertiliser and oil passes, has pushed up fuel and food prices."
"Analysts warn that higher oil and gas costs could keep inflation elevated and slow economic growth."
From April, millions of Britons will face rising household costs driven by escalating fuel, energy, and food prices. The conflict in Iran has exacerbated these issues, with petrol prices exceeding 150p per litre and diesel prices rising significantly. Council tax and water bills are also increasing, alongside other essential services. The government has promised support, including an energy price cap and wage increases. However, analysts warn that inflation may remain high due to rising oil and gas costs, impacting economic growth.
Read at London Business News | Londonlovesbusiness.com
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