It was all going fairly well. Energy prices were falling, revisions to the pricing structure meant decreases of -7% coming in just over a week’s time in April with hope of getting UK inflation under control.
Then conflict in the Middle East. As you’ll have heard, the US and Israel strikes on Iran have caused fuel prices to significantly rise during the last 3 weeks. Fuel having an affect on many other things other than just filling our cars. Prices are rising in Public transportation, aviation costs, food production, ferlitiser, courier and delivery services, taxi services and many more sectors.
in addition, Energy consultancy Cornwall Insight are predicting typical household energy bills will go up in July by an average of +£332 (and that’s just based on current matters in the Middle east with a swift end to the conflict).
Energy regulator Ofgem will set the July cap on energy bills for households on 27 May, based on wholesale prices in March, April and May. Political pressure is building on UK and European governments to address rising oil prices and their impact on household bills.
Have your say. Have you seen unusual price increases in your everyday shopping yet?
