Renewed strikes in Iran have raised fears of escalation in the Middle East, pushing Brent crude back above $98 a barrel. The higher energy costs are already affecting the British economy, with retailers warning that transport and production expenses are beginning to lift prices on shop shelves again. Industry data shows shop price inflation accelerating as businesses absorb knock-on effects from global energy costs, increasing pressure on households facing already elevated living expenses. At the same time, a record-breaking heatwave is expected to boost consumer spending, especially for hospitality, garden products, and home improvement retailers. Temperatures are forecast to stay well above seasonal averages, with parts of England expected to reach 35C, supporting early sales gains for Kingfisher.
"Brent crude climbed back above $98 a barrel amid fears that the conflict could escalate further, raising concerns about supply disruptions in one of the world's most strategically important energy regions."
"The latest surge in oil prices is already feeding through to the British economy, with retailers warning that rising transport and production costs are beginning to push up prices on shop shelves once again."
"Industry data showed shop price inflation accelerating as businesses grapple with the knock-on effects of higher global energy costs, threatening fresh pressure on households already struggling with elevated living expenses."
"Kingfisher reported a 1.4pc rise in sales during the first three months of the year as consumers spent more on outdoor living, gardening and household improvement projects."
Read at London Business News | Londonlovesbusiness.com
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